Shares of Punjab National Bank on Monday tanked 11% after the bank detected a fraud of over ₹3,800 crore by Bhushan Power & Steel Ltd. (BPSL).
The scrip plummeted 10.95% to close at ₹72.80 on the BSE. During the day, it plunged 11.31% to ₹72.50. On the NSE, shares dropped 11.24% to close at ₹72.60. On the volume front, 50.02 lakh shares were traded on the BSE and over 8 crore shares changed hands on the NSE during the day.
PNB on Saturday said BPSL misappropriated bank funds and manipulated its books of accounts to raise funds from consortium lender banks.
