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Fraud-Hit Punjab National Bank Reports Huge Loss Of Rs 13,417 Crore In Q4
15 May 2018, 06:17 PM IST i


As of Monday, PNB stock had tumbled about 44% since the Nirav Modi fraud came to light.
MUMBAI/BENGALURU: Punjab National Bank (PNB) reported on Tuesday a Rs 13,417 crore ($1.98 billion) fourth-quarter net loss, the worst ever by a domestic lender, after its bad-loan provisions soared due to a massive fraud.
In what has been dubbed the biggest fraud in India's banking history, PNB - the second-biggest state-run lender and fourth-biggest overall - in February disclosed that two jeweller groups had defrauded it of more t...
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