Fri. Mar 29th, 2024

For the third day consecutively, the shares of Punjab National Bank continued to roll under pressure after the fraud of Rs. 11,400 Crore was found out thereby slipping more than 3 percent in the morning trade on bourses. The stock hit its lowest on BSE as well as NSE after opening and then fell down to Rs. 124.15 on the BSE by 3.27 percent. The stock dropped to Rs. 123.40 on the NSE in a similar manner. Alongside all this, the shares of PNB Housing too fell down to Rs. 1182.60 by 1.36 percent. The Chairman and Managing Director of PNB Mr. Sunit Mehta stated a fortnight after the scam was reported that they can recover their dues from Modi and also take a strict action against the people behind this.

The Enforcement Directorate too carried out numerous searches at all the establishments which were linked to Modi thereby confiscating the diamonds, jewelry, and all the gold worth Rs. 5100 Crore. They also sealed six properties after which the finance ministry stated that the recovery would be made and that nobody will be spared. Punjab National Bank has suspended 10 of its officers already and has joined hands with the CBI for further investigation. The stock of PNB which had been under pressure ever since the fraud took place in the Mumbai branch and has went down further by 3 percent. The PSU Bank sub-index too has gone down by 1 percent as a result of being dragged by PNB.

The state-run bank too has lost 12 percent in the previous two sessions. The shareholders of PNB too have lost more than Rs. 8000 Crore in terms of the market capitalization which is almost six times its profit. Jewelry stocks have also cracked in the last few days as an aftermath of Nirav Modi and Gitanjali Gems. The stocks of Gitanjali also went down by 20 percent.

By saumya