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February 23, 2018

Rs. 11000 crore scam: PNB stock plummets to record low

Newsroom24x7 Network

Mumbai: The Punjab Nationl Bank share price plummeted to a 52 week low to 125.25 on the NSE on Thursday against a high of 231.45 on 26 October 2017 in the wake of Punjab National Bank’s regulatory filing to the stock exchange that it had detected “fraudulent and unauthorised” transactions to the value of over Rs. 11,000 crore at a Mumbai branch.

Linked with these fraudulant transactions is also a complaint recieved by the CBI against Nirav Modi, known as a diamond king. He is already under the Income Tax department scanner following a raid  this January.

According to a news agency, prominent jewellers, including Gitanjali, Ginni, and Nakshatra are now within the purview of investigation.

Click here for notice regarding suspected fraud in a Punjab National Bank branch

Click here for complaint filed with CBI for registering an FIR

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