Mumbai: Two days after the Punjab National Bank (PNB) said that it had been defrauded by Bhushan Power & Steel Ltd. (BPSL) to the tune of Rs 3,805.15 crore, its scrip fell by over 10 per cent on Monday.Also Read - PNB FD Interest Rates 2022 Hiked! Check Latest Rates Here

At 10.43 AM, PNB shares were trading at 73.95 apiece, down 9.54 per cent before hitting an intra-day low of 73.15 a share. Also Read - Get More Interest On Your Money Than Bank Fixed Deposit With This Scheme

The state-run bank on Saturday informed the exchanges that it has been defrauded by BPSL to the tune of Rs 3,805.15 crore. Also Read - PNB Customers Alert! Bank Hikes FD Interest Rates, Check Latest Rates Here

“On the basis of Forensic Audit Investigation findings and CBI filing FIR, on suo moto basis, against the Company and its Directors, alleging diversion of funds from banking system, a fraud of Rs 3805.15 core is being reported by Bank to RBI,” PNB said in a regulatory filing.

Adding that in the accounts of the company (BPSL), the bank had already made provisions amounting to Rs 1,932.47 crore, as per prescribed prudential norms.

PNB added that BPSL has misappropriated bank funds, manipulated books of accounts to raise funds from consortium lender banks.

On the present status the bank informed that the case is at NCLT which is in advance stage.

This case comes nearly a year after the bank was hit by one of the biggest fraud in the banking history, when the diamantaire Nirav Modi defrauded the bank which cost India’s second largest state run bank a massive Rs 14,000 crore.