PNB posts largest ever Indian bank loss

MUMBAI

May 17, 2018-Shares in fraud-hit Punjab National Bank plunged more than 12 percent on Wednesday after it posted the largest ever quarterly loss for an Indian lender.

PNB, the country’s second-biggest state-run bank, has been reeling since announcing in February that it had been the victim of a 135 billion rupee ($2 billion) scam involving celebrity jeweller Nirav Modi. Investigators charged Modi in absence, as well as several senior PNB officials, on Monday over the huge fraud case, which comes as the government bids to clean up debt-laden lenders.

PNB said on Tuesday it had incurred a record 134.17 billion-rupee net loss for the January-March quarter, having posted a 2.62 billion-rupee profit in the same period last year.

Shares in the firm plummeted 12.21 percent to 75.50 rupees on the Bombay Stock Exchange’s Sensex index shortly after opening Wednesday. (AFP)

Published: 17-05-2018 08:03

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