Punjab National Bank slips for fifth straight session

Punjab National Bank quotes Rs 36.05, down 1.37% per day from 13:19 IST on the NSE. Stocks declined by 43.36% over the previous year compared to 11.4% rally at NIFTY and 6.71% declining on the Nifty Bank index.

The Punjab National Bank has been temporarily depleted today Stock quotes from Rs 36.05, down 1.37% per day from 13:19 IST on the NSE. The benchmark NIFTY benchmark decreased by about 0.72% per day, quoting 13661.25. Sensex is at 46664.14, down 0.63%. Punjab National Bank added about 19.97% in the last month. Meanwhile, the Nifty Bank index under which Punjab National Bank is affiliated increased by about 3.95% last month and currently quotes from 30714.65, down 1.77% per day. The stock volume stands at 308.68 lakh shares today, compared to the daily average of 936.79 lakh shares last month.

The December futures contract quotes Rs 32.65, down 2.68% per day. Punjab National Bank fell 43.36% in the previous year compared to 11.4% rally in NIFTY and 6.71% fell in the Nifty Bank index.

Shares of Punjab National Bank (PNB) dropped 3 percent to Rs 27.65 billion in BSE on domestic trade on Thursday in a strong market, after the bank reported fraud of Rs 1,203 by Sintex Industries. Stocks of state-owned lenders sell for less on the third straight day. On the other hand, Sintex Industries, has taken 4.8 percent from BSE to Rs 1.99.

Bank report fraudulent loan of Rs 1203.26 crore on a non-performing asset (NPA) account of Sintex Industries Ltd. (SIL) at a large corporate branch in Ahmedabad, Zonal Office, Ahmedabad, PNB during file submission. A $ 2003.26 million fraud has been reported by the Bank to the Reserve Bank of India (RBI) on Company accounts (SIL). The Bank has already made R5 215.21 crore, in accordance with the prescribed procedures, it said.

However, PNB will provide 100 percent exposure to future residences. Meanwhile, there have been reports suggesting that the RBI has learned to tell PNB that it is ready to take over the Lakshmi Vilas Bank. The PNB, however, made it clear on Wednesday that it had never received such an order from the central bank.

Over the past three months, PNB has been performing poorly in the market with a 23 per cent decline, compared to a 9 per cent increase in the S&P BSE Sensex. 11:37 am; decreased by 1 per cent to Rs 28.25, compared to the 1.6 per cent gain in the standing index. The combined 24 million equity shares were changing hands on the counter on the NSE and BSE.


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