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PNB stocks slump for second day

IANS  |  Mumbai 

Shares of the (PNB) on Thursday continued to slump for a second consecutive day after a $1.8 billion fraud was detected in one of its branches in

Around 2 p.m., the scrips of the declined by 7.17 per cent to trade at Rs 135.35 per share, less by Rs 10.45 from the previous close at Rs 145.80.

Stocks of jewellery companies like Gitanjali and too declined after authorities blamed for the fraud.

Stocks of plunged over 18 per cent while those of fell over 5.33 per cent on the

"shares slumped 18 per cent to Rs 48.05 after said on Wednesday it had been defrauded of about Rs 11,400 crore by Nirav Modi, his maternal uncle and other relatives through a clutch of companies they own," Dhruv Desai, of Tradebulls, told IANS.

On Wednesday, -- the second largest in - informed the stock exchanges through a regulatory filing that it has detected a $1.8 billion fraud in one of its branches in

In the filing, put the quantum of fradulent transactions at $1,771.69 million (around Rs 11,515 crore), which is equivalent to eight times the bank's net income of about Rs 1,320 crore ($206 million).

The bank's shares had plunged drastically on Wednesday following the regulatory filing to close lower by 9.81 per cent at the

On Thursday, the launched a nationwide raid on the offices, showrooms and workshops of



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, February 15 2018. 14:38 IST