PNB detects $1,772 million fraudulent transactions; stock slips 7%

The stock slipped 7% to Rs 150 after the state-owned bank said that it had detected some fraudulent and unauthorised transactions worth about Rs 1.13 trillion ($1771.69 million approx).

Punjab National Bank (PNB) has slipped 7.4% to Rs 150 on BSE in intra-day trade after the state-owned bank said that it had detected some fraudulent and unauthorised transactions worth about Rs 1.13 trillion ($1,771.69 million approx) at one of its branches in Mumbai.

“The Bank has detected some fraudulent and unauthorised transactions (messages) in one of its branch in Mumbai for the benefit of a few select account holders with their apparent connivance. Based on these transactions other banks appear to have advanced money to these customers abroad,” PNB said in a regulatory filing.

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