PNB's Shares Fall After Lender Under Reports Bad Loans

Shares of Punjab National Bank declined in Monday's trade by as much as 2.8% to Rs. 62.60 as against previous session's close of Rs. 64.45 per share on the NSE.

The decline has come as the public sector lender has under-reported its bad loans or NPAs by Rs. 2617 crore for the FY19. So, accordingly its net loss for FY 2018-19 would trend higher to Rs. 11,335.90 crore as against a reported net loss of Rs. 9975.49 crore.

The bank reported divergence in the provisioning of bad loans to Rs 2,091 crore in accordance with the risk assessment report of the RBI.

Last the stock of Punjab National Bank quoted at Rs. 63.55, down Rs.0.90 or 1.40%.

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