PNB shares plunge over 30% in 8 trade sessions

During the eight trading sessions following the detection of a $1.8 billion fraud in one of the branches of the Punjab National Bank (PNB), the bank's shares on the BSE have plunged almost 30 per cent to a price of Rs 113.40 per share.

On Friday -- the eight trading day since the unfolding of the multi-crore-rupee scam -- shares of PNB closed lower by 1.09 per cent at Rs 113.40 per scrip.

The stocks have plummetted 29.84 per cent since close on February 12 at Rs 161.65 per share.

Gitanjali Gems, the other entity involved in the fraud case, also witnessed a fall in its shares for the eighth consecutive day -- down 4.98 per cent to Rs 24.80 per share on Friday.

Since its closing at Rs 62.85 per share on February 12, the company's share has nosedived 60.54 per cent.

The shares of the two companies had started to decline following the country's second largest state-run bank PNB's declaration on February 14 of unearthing a fraud of Rs 11,300 crore involving diamantaire Nirav Modi.

The fraud, which included money-laundering, among others, was related to the Firestar Diamonds group in which the Central Bureau of Investigation (CBI) booked Modi, his wife Ami, brother Nishal Modi and uncle and business partner Mehul Choksi -- the promoter of luxury jewellery brand Gitanjali Gems.

--IANS

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