Punjab National Bank tumbles after detecting fraudulent transactions
(11:36, 14 Feb 2018)
The announcement was made before trading hours today, 14 February 2018.

Meanwhile, the S&P BSE Sensex was down 7.73 points, or 0.02% to 34,292.74.

On the BSE, 19.36 lakh shares were traded in the counter so far compared with average daily volumes of 14.85 lakh shares in the past one quarter. The stock had hit a high of Rs 160 and a low of Rs 149.60 so far during the day. The stock hit a 52-week high of Rs 231.60 on 26 October 2017. The stock hit a 52-week low of Rs 128.30 on 3 October 2017.

The stock had underperformed the market over the past 30 days till 12 February 2018, falling 6.99% compared with 0.84% fall in the Sensex. The scrip had also underperformed the market in past one quarter, falling 12.22% as against Sensex's 4.12% rise. The scrip had outperformed the market in past one year, rising 13.52% as against Sensex's 20.98% rise.

The large-cap bank has equity capital of Rs 485.12 crore. Face value per share is Rs 2.

Punjab National Bank (PNB) announced that it has detected some fraudulent and unauthorised transactions (messages) in one of its branch in Mumbai for the benefit of a few select account holders with their apparent connivance. Based on these transactions, other banks appear to have advanced money to these customers abroad. In the bank these transactions are contingent in nature and liability arising out of these on the bank shall be decided based on the law and genuineness of underlying transactions. The quantum of such transactions is $1771.69 million (approximately). The matter is already referred to law enforcement agencies to examine and book the culprits as per law of the land. The bank said it is committed to clean and transparent banking.

Punjab National Bank's net profit rose 11.1% to Rs 230.11 crore on 8% increase in total income to Rs 15257.50 crore in Q3 December 2017 over Q3 December 2016.

Government of India held 57.03% stake in PNB as per the shareholding pattern as on 31 December 2017.

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