Punjab National Bank tanks 10%, hits 52-week low on weak Q4 results

In Q4FY22, the bank's standalone net profit dropped 66 per cent YoY to Rs 201 crore as the bank set aside Rs Rs 325 crore on account of a fraud.

Shares of Punjab National Bank (PNB) hit a 52-week low of Rs 29.90, frozen at the 10 per cent lower circuit on the BSE on Thursday at 09:32 am as the state-owned lender’s standalone net profit dropped 66 per cent year on year (YoY) to Rs 201 crore in January-March quarter (Q4FY22) after the bank set aside Rs 325 crore on account of a fraud. The bank had posted a profit of Rs 586 crore in the same quarter last year (Q4FY21).

The stock traded at its lowest level since November 2020. At 09:32 am; a combined 43.57 million