PNB stocks continue to slide for third consecutive day
pnb bank
PNB has lost over Rs 8,000 crore of market valuation in two days -- an amount equivalent to over six-times its full-year profit.
Punjab National Bank(PNB) stocks fell as much as 3.8 per cent on Friday, sliding for a third consecutive session as the country's second-biggest state-run lender continued to reel after saying it had been hit with a $1.77 billion fraud.
PNB shares were down 1.75 per centafter sliding 20 per cent over the previous two sessions.
PNB has lost over Rs 8,000 crore of market valuation in two days - an amount equivalent to over six-times its full-year profit.
On Thursday, PNBextended its fall for the second straight session and ended the day 12 per cent lower at Rs 128.35 on BSE.
The stock have fallen 10 per cent after the lender said it had detected Rs 11,400 crore ($ 1.77 billion) fraud at a Mumbai branch.
Following the slump in the counter over the last two days, the market capitalisation of the company has plunged a whopping Rs 8,076.59 crore to Rs 31,132.41 crore.
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