(Juhi Aishwary, Journalist): The bank’s share price fell by almost 7 percent on Friday after Punjab National Bank reported the fraud to the NPA account of Dewan Housing Finance Limited (DHFL) to RBI. The stock on the NSE fell 6.73 percent to Rs 34.60 per share. It saw a further decline at 11:50 pm and was trading at Rs 35 per share, down 5.53 percent.
PNB said in a stock exchange filing that a fraudulent amount of Rs 3,688.58 crore has been reported by the bank to the RBI in DHFL. The bank has already made a provision of Rs 1,246.58 crore as per the laid down norms. It has accepted accumulated losses of Rs 28,707.9 crores from the share premium account of the incorporated bank.
PNB said on 9 July that it was raising up to Rs 10,000 crores through share and bond sales. It further said that it would raise funds by issuing QIP, FPO, rights issues, and 2-tier bonds. The bank has demanded Rs 7,000 crore in shareholders’ equity capital in its upcoming annual general meeting.
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