PNB falls 13% from day's high level on disappointing Q2 results

The stock dipped 8% at Rs 68.20, falling 13% from intra-day high level of Rs 78.60 on the BSE, after the bank reported higher-than-expected net loss in September quarter at Rs 45.32 billion in Q2FY19.

Shares of Punjab National Bank (PNB) dropped 8% to Rs 68.20, falling 13% from intra-day high level, after the state-owned bank reported higher- than-expected net loss in September quarter (Q2FY19), due to higher provisioning for bad loans. The stock touched a high of Rs 78.60 on the BSE in early morning trade, before the announcement of results.

PNB reported a net loss of Rs 45.32 billion in Q2FY19, as India's second-largest state lender by assets set aside more money to account for a massive fraud. This is a third straight quarterly loss recorded by the bank. It had posted