PNB Stocks Decline Post Reporting Another Fraud.

State owned PNB’s stock witnessed massive plunge on Monday after the public sector lender reported another fraud of Rs3805crore in BhushanPower & Steel’s account.

Shares of the PNB are trading over 10% lower on bourses during mid-morning session. On the NSE, the stock fell 11% to Rs.72.80 at 11.35am. In comparison, the NSE Nifty50 was trading 192 points lower at 11619-mark and Sensex down at 38925-level, down 588 points.

The PNB said in its release that the fraud was being reported to the RBI based on the findings of the forensic audit and the CBI filing-FIR.

BhushanPower & Steel was among the first a dozen companies referred by the RBI to a bankruptcy court for a debt-resolution process under the new insolvency law.

The stock strongly reacted to the news and touched its intraday low of Rs.72.60per share after opening at Rs.76.30 on the NSE and is currently trading at Rs.73.25 down by 10.45% against its previous closing of Rs81.80-per share at around 11.55am.

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