AgenciesNEW DELHI: Shares of Punjab National Bank (PNB) plunged nearly 7 per cent in Friday's trade after the state-run lender reported a Rs 3,688.58 crore borrowal fraud in the NPA account of the now-bankrupt Dewan Housing Finance (DHFL).
In a regulatory filing, the bank said it has already made provisions regarding the same, amounting to Rs 1,246.58 crore.
Following the development, the stock fell 6.74 per cent to hit a low of Rs 34.60 on BSE. The stock has nine 'underperform' calls and eight 'sell' calls, as per publicly available Reuters Eikon database.
There are also four 'hold' calls on the stock with just one 'buy' call, the data suggests.
"A fraud of Rs 3,688.58 crore is being reported by the bank to RBI in the accounts of the company (DHFL). Bank has already made provisions amounting to Rs 1,246.58 crore, as per prescribed prudential norms," PNB said post market hours of Thursday.
Many banks have already declared DHFL as a fraud account. Its promoters Kapil Wadhawan and Dheeraj Wadhawan were arrested by the Central Bureau of Investigation in April.
Last November, the Reserve Bank of India (RBI) superseded the Board of Directors of the company and appointed an administrator and accordingly, the board powers were vested in the firm's administrator.
Further, the Mumbai-bench of the National Company Law Tribunal (NCLT) at Mumbai commenced the CIRP against the company in December, following an application by the RBI.
The company reportedly has debt of around Rs 97,000 crore and has allegedly siphoned off Rs 31,000 crore from the total bank loans.
The shares of the lender closed 5.53 per cent lower at Rs 35.05 on BSE.
In a regulatory filing, the bank said it has already made provisions regarding the same, amounting to Rs 1,246.58 crore.
Following the development, the stock fell 6.74 per cent to hit a low of Rs 34.60 on BSE. The stock has nine 'underperform' calls and eight 'sell' calls, as per publicly available Reuters Eikon database.
There are also four 'hold' calls on the stock with just one 'buy' call, the data suggests.
"A fraud of Rs 3,688.58 crore is being reported by the bank to RBI in the accounts of the company (DHFL). Bank has already made provisions amounting to Rs 1,246.58 crore, as per prescribed prudential norms," PNB said post market hours of Thursday.
Many banks have already declared DHFL as a fraud account. Its promoters Kapil Wadhawan and Dheeraj Wadhawan were arrested by the Central Bureau of Investigation in April.
Last November, the Reserve Bank of India (RBI) superseded the Board of Directors of the company and appointed an administrator and accordingly, the board powers were vested in the firm's administrator.
Further, the Mumbai-bench of the National Company Law Tribunal (NCLT) at Mumbai commenced the CIRP against the company in December, following an application by the RBI.
The company reportedly has debt of around Rs 97,000 crore and has allegedly siphoned off Rs 31,000 crore from the total bank loans.
The shares of the lender closed 5.53 per cent lower at Rs 35.05 on BSE.
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