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Fraud-hit PNB stock is a dud investment, caution analysts

The results have made analysts cautious on public sector banks (PSBs) that are saddled with a large quantum of non-performing assets (NPAs)

Fraud-hit PNB stock is a dud investment, caution analysts

Punjab National Bank (PNB) hit its lowest level since June 3, 2016 on Wednesday, falling nearly 12 per cent to Rs 75 levels, after reporting a record loss of Rs 134 billion in the January – March 2018 quarter (Q4FY18) – way higher than the Rs 26-27 billion loss expected by analysts. Operating loss during the recently concluded quarter stood Rs 4.5 billion – the first such instance in the bank’s history. Also Read: PSBs under pressure; PNB, Syndicate, Allahabad Bank, OBC hit 52-week low The results have made analysts cautious on public sector banks ...