PNB falls 3.5% after reporting Sintex Industries fraud

Punjab National Bank (PNB) shares fall 3.5% after the state lender reported a fraud of Rs 1,203.26 crore in the non-performing assets (NPA) account of Sintex Industries Ltd.

Punjab National Bank (PNB) shares were trading in the red today after the state lender reported a fraud of Rs 1,203.26 crore in the non-performing assets (NPA) account of Sintex Industries Ltd.

The share opened at Rs 27.80 with previous closing at Rs 28.55, down by 3.5%. It reached  the day low of Rs 27.70.

PNB announced the stakeholders through its BSE regulatory filing. “A fraud of Rs 1,203.26 crore is being reported by Bank to the RBI in the accounts of the Company (SIL),”.

“The bank has already made provisions amounting to Rs 215.21 crore, as per prescribed prudential norms.”

Sintex Industries was trading at Rs 5% with only sellers situation.

Subscribe to our newsletter
Subscribe to our newsletter
Sign up here to get the latest news delivered directly to your inbox.
You can unsubscribe at any time