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Punjab National Bank Falls 3% On Reporting Rs 1,203 Crore Fraud
On Thursday, shares of Punjab National Bank (PNB) declined at least 3.1 percent in opening trade to an intraday low of Rs 27.65, before paring losses, after it reported a fraud of Rs 1,203 crore.
On Wednesday, the public sector bank in a stock exchange reported a Borrowal Fraud of Rs 1,203.26 crore in NPA (non-performing asset) account of Sintex Industries Ltd. (SIL) at Large Corporate Branch at Ahmedabad, Zonal Office, Ahmedabad.
"A fraud of Rs. 1203.26 Crore is being reported by Bank to RBI in the accounts of the Company (SIL). Bank has already made provisions amounting to Rs. 215.21 Crore, as per prescribed prudential norms," it added.
As per RBI norms, banks have to make up to 100 percent provision on a fraud hit account. The provision is provided for over a period of few quarters. A provision refers to the amount banks need to set aside against likely losses.
Sintex Industries, a household name for water storage tanks, hit a lower circuit of 5 percent on Thursday to Rs 2 per share.
