New Delhi, Feb 27 (PTI) Bank stocks today fell by up to 7 per cent as investor sentiments remained weak amid fresh disclosures by scam-hit Punjab National Bank.Also Read - UK High Court Grants Nirav Modi Permission to Appeal Against Extradition to India on Mental Health grounds
Bank of India shares slumped 7.18 per cent, IDBI 6.78 per cent, Indian Bank 3.66 per cent, UCO Bank 2.42 per cent on BSE. Also Read - Mehul Choksi Gets Bail by Dominican Supreme Court, Can Travel Back to Antigua
The scrip of Bank of Maharashtra fell by 1.78 per cent, Bank of Baroda 1.63 per cent and Allahabad Bank 0.77 per cent. Also Read - PNB Loan Case: Nirav Modi's Sister Remitted Rs 17.25 Crore From UK Account To Indian Govt, Says ED
“PNB issue continued to impact the PSU banks and its effect was seen in the broad market as well,” said Vinod Nair, Head of Research, Geojit Financial Services Ltd.
“The banking index was the major culprit today, courtesy to yet another negative news flow with regards to PNB,” said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking.
Punjab National Bank (PNB) has said that the alleged fraud perpetrated by jewellers Nirav Modi and Mehul Choksi may be around USD 2 billion, over USD 204 million more than previously estimated.
In a late night filing to stock exchanges, the state-owned lender said that “the quantum of reported unauthorised transactions can increase by USD 204.25 million.”
The bank had earlier put the defrauded amount at Rs 11,394.02 crore (USD 1.77 billion). Adding another Rs 1,323 crore would take this to Rs 12,717 crore. PTI SUM ADI
This is published unedited from the PTI feed.