State-run Punjab National Bank on Wednesday declared its Rs 1,203.26 crore exposure to Sintex Industries Ltd. as a fraud.
Pursuant to the applicable provisions of SEBI's Listing Obligations and Disclosure Requirements and the bank's policy, “we inform reporting of borrowal fraud of Rs 1,203.26 crore in NPA account of Sintex Industries Ltd.,” PNB said in a regulatory filing.
-
Indian Markets Turning Corner After Two Tough Years, Says Sandeep Tandon -
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI
The fraud reporting pertains to the large corporate branch at Ahmedabad zonal office, it added.
Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay
"The fraud of Rs 1,203.26 crore is being reported by bank to RBI in the accounts of the Company. Bank has already made provisions amounting to Rs 215.21 crore, as per prescribed prudential norms," it added.
PNB stock closed at Rs 28.55 apiece on BSE, down 1.72%.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
