PNB shares tank over 7%; mcap drops Rs 10,781 cr in 4 days

Shares of Punjab National Bank (PNB) tumbled over 7 per cent today, extending the fall for a fourth straight session following the Rs 11,400-crore fraud at one its Mumbai branches. The stock opened lower and slumped further 7.16 per cent to its 52-week low of Rs 116.65 on BSE. At NSE, shares of the company dived 6.77 per cent to hit a one-year low of Rs 117.05. In four trading sessions, the stock has lost nearly 28 per cent and suffered an erosion of Rs 10,781.12 crore from its market capitalisation. Meanwhile, shares of PNB Housing slipped 1.36 per cent to Rs 1,184.35 on BSE. On Wednesday last week, PNB said it detected a fraud in which diamond jewellery designer Nirav Modi allegedly acquired fraudulent letters of undertaking (LoUs) from one its branches for overseas credit from other Indian lenders, and is being probed by CBI and Enforcement Directorate among other agencies.