Shares of Punjab National Bank (PNB) continued their free fall for the second consecutive day after the public-sector lender said on Wednesday that it has found fraudulent transactions totalling $1.77 billion in one of its branches in Mumbai.
On BSE, PNB shares lost nearly 8.5% during intra-day trades to touch a low of ₹133.45. At 2:15pm, the shares were trading at ₹135.35, down 7.17% or ₹10.45.
The Enforcement Directorate has registered a money laundering case in the matter, which involves Mumbai-based billionaire diamond merchant Nirav Modi. A case has been registered by the Central Bureau of Investigation against him and his business associates as well as a serving PNB official and a retired deputy manager of the bank.
Interestingly, shares of Gitanjali Gems were down 19.20% during afternoon trading session. According to reports, Mehul Choksi's company is also under the scanner of CBI.
