PNB's 11,400-cr scam rattles jewellery stocks
Don't go for bargain hunting, stick to the leaders in the sector: MD, SSJ Finance15-02-2018
15-02-2018
PNB sheds Rs 81 bn in market value in 2 days; stock falls 12% on Thursday
Shares of state-owned Punjab National Bank (PNB) dropped 12 per cent on Thursday to Rs 128.4. The lender, in the epicenter of a $1.77-billion scam, has seen market capitalisation erosion of Rs 81 billion in two days. It stock has shed 21 per cent, in its worst two-day decline since May 2004.Besides the government-which holds 57 per cent stake -in the bank, the slide in shares has cut the Life Insurance Corporation of India (LIC), which holds nearly 14 per cent stake. It has impacted other institutional investors like HDFC Mutual Fund and Lazard Emerging Markets. Small investors hold nearly four per cent stake in the bank.PNB, India's second-largest state-owned lender after State Bank of India, is now valued at just Rs 311 billion.Market players said investors are dumping shares of the bank given the big scale of the fraud and concerns of it spreading. Analysts said investors are also doubting the state-owned bank's lending processes and systems."The amount involved is substantial, ..15-02-2018
PNB fraud erodes Rs8,000 crore of bank's market cap in 2 days
Punjab National Bank has lost over Rs8,000 crore of its market valuation in 2 days an amount equivalent to over six times its full-year profit15-02-2018
As PNB dominates the news, a block deal
Punjab National Bank's fraud crisis has spooked some large investors enough that a large number of shares changed hands in a block deal. 12.3 lakh shares changed hands in PNB via a block deal, as the share price fell by double digits. PNB management is working to calm investors but sentiment on the stock is weak after disclosures of significant fraud by jeweller Nirav Modi and other parties.15-02-2018
Clarification sought from Punjab National Bank
The Exchange has sought clarification from Punjab National Bank with respect to news article appearing on www.moneycontrol.com - February 15, 2018 titled "ED raids offices of Nirav Modi, PNB and Gitanjali gems".The reply is awaited.15-02-2018
PNB-NiravModi fraud: A replay of the Ketan Parekh scam of 2001?
The Punjab National Bank (PNB) scam has an uncanny similarity to the Ketan Parekh (KP) bank scam in 2001.Nearly 18 years after KP, as Parekh is known in the stock markets, first used the mod14-02-2018
PNB fraud case not out-of-control, says finance ministry official
The finance ministry seeks to allay worries over the Rs11,300-crore fraud case at PNB, saying the case is not out-of-control and it is taking action in this respect14-02-2018
Fraud emerging as a major issue for Punjab National Bank, other public sector banks
Punjab National Bank has seen its share price fall sharply today after informing the BSE of a fraud worth $ 1.77 billion (over Rs. 10,000 crore) in its bank. It says that the fraud originated at the Mumbai branch, and happened with the "connivance" of some account holders, and includes the movement of money abroad. The fraud involves advances of money. Deposit fraud has become increasingly difficult to carry out due to modernized cheque transfer and electronic transfer systems. Frauds in advances however, have grown rapidly in the last five years, and public sector banks account for 80% or more of total fraud amounts. The Reserve Bank of India estimated that as per fraud monitoring reports, amount of money lost from fraud in FY17 was Rs. 16, 789 crore. The $1.7 billion reported is a significant sum for PNB despite its size - the bank saw revenues of approximately Rs. 48,490 crore over the past 12 months. This follows another ongoing fraud investigation. Billionaire jeweller Nirav Modi is being investigated over accusations that he and others defrauded PNB of $44 million.14-02-2018
Announcement under Regulation 30 (LODR)-Updates
The exchange is hereby informed for the price sensitive information on detection of some fraudulent and unauthorised transactions of USD 1771.69 Mio(Approx).14-02-2018
PNB signs pact with National e-Gov Services
Punjab National Bank has signed an agreement for information utility with National e-Governance Services Limited. The objective of the agreement is to augment the information infrastructure in10-02-2018