New Delhi: Shares of Punjab National Bank (PNB) slumped over 7%, extending its fall for the fourth straight session on Monday, following the Rs11,400-crore fraud at one of its Mumbai branches.
PNB shares dropped 7.36% to end at Rs116.40 on BSE. During the day, it plunged 9.59% to its 52-week low of Rs113.60. On NSE, shares cracked 7.20% to close at Rs116.50.
In terms of equity volume, 98.95 lakh shares of the company were traded on BSE and over 13 crore shares changed hands on NSE during the day. In four trading sessions, the stock has fallen 28% and suffered an erosion worth Rs10,975.16 crore from its market capitalisation.
Meanwhile, shares of PNB Housing Finance Ltd ended 0.45% higher at Rs1,206.20 on BSE.
On Wednesday last week, PNB said it detected a fraud in which diamond merchant Nirav Modi allegedly acquired fraudulent letters of undertaking (LoUs) from one its branches for overseas credit from other Indian lenders, and is being probed by CBI and Enforcement Directorate among other agencies.