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Mumbai : Shares of state-owned Punjab National Bank misplaced as a lot as 6.7% on Friday after the general public sector lender declared its ₹3,688.58 crore exposure to mortgage financier Dewan Housing Finance Ltd (DHFL) as fraud.
At 12:35 am, Punjab National Bank was at ₹34.75, down 6.33% from its earlier shut, whereas the benchmark index, Sensex misplaced 0.88% to 36415.48.
The financial institution, in a submitting to the exchanges, stated, “A fraud of ₹3688.58 Crore is being reported by Bank to RBI in the accounts of the Company (DHFL). Bank has already made provisions amounting to Rs.1246.58 Crore, as per prescribed prudential norms.”
In November, the Reserve Bank of India (RBI) had despatched the troubled mortgage lender DHFL for chapter proceedings, making it the primary monetary companies participant to go to the NCLT for a potential debt decision.
In a separate announcement, the financial institution’s board permitted elevating of capital by difficulty of fairness shares and Basel III compliant tier 2 bonds by manner of non-public placement, certified establishments placement (QIP), rights difficulty, FPO or some other mode of as much as ₹10,000 crore.
PNB reported a internet loss of ₹697.20 crore within the March quarter in opposition to a loss of ₹4749.64 crore a yr in the past. Total revenue rose 11.29% to ₹16,388.32 crore for the quarter.
Since the start of the yr, PNB inventory has misplaced 46% whereas the the Sensex misplaced 11%. From the lows hit in May, the inventory gained 33%, whereas Sensex gained 21%.
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