May 27, 2024

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PNB nears 52-week low on Rs 1,230 crore fraud by Sintex Industries

Shares of Punjab Countrywide Bank (PNB) slipped 3 for every cent to Rs 27.65 on the BSE in intra-working day trade on Thursday in usually firm market place, after the bank claimed a fraud value Rs 1,203 crore by Sintex Industries. The inventory of point out-owned financial institution was buying and selling lessen for the third straight working day. It is close to its fifty two-7 days reduced price of Rs 26.30 touched on May well twenty, 2020. Sintex Industries, on the other hand, tanked four.8 for every cent on the BSE to Rs 1.99.

“The bank reporting of borrowal fraud of Rs 1203.26 crore in non-carrying out asset (NPA) account of Sintex Industries Ltd. (SIL) at massive corporate department at Ahmedabad, Zonal Office environment, Ahmedabad,” PNB mentioned in a trade filing. A fraud of Rs 1203.26 crore is staying claimed by Bank to Reserve Bank of India (RBI) in the accounts of the Corporation (SIL). The Bank has currently designed provisions amounting to Rs 215.21 crore, as for every recommended prudential norms, it mentioned.

On the other hand, PNB would present for 100 for every cent of publicity in the upcoming quarters. In the meantime, there ended up also reviews suggesting that the RBI has learnt to have advised PNB to get all set to get-above Lakshmi Vilas Bank. PNB, however, clarified on Wednesday that it has not obtained any these types of instruction from the central bank. Browse CLARIFICATION Listed here

In the earlier three months, of PNB has underperformed the market place by falling 23 for every cent, as compared to nine for every cent increase in the S&P BSE Sensex. At eleven:37 am it was down 1 for every cent at Rs 28.twenty five, in opposition to 1.six for every cent get in the benchmark index. A mixed close to 24 million fairness shares ended up shifting fingers on the counter on the NSE and BSE.

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