PNB shares slide for third day, fall 3.8%

Mumbai: Punjab National Bank shares fell as much as 3.8% on Friday, sliding for a third consecutive session as the country’s second-biggest state-run lender continued to reel after saying it had been hit with a $1.77 billion fraud.

Local media reported on Friday that the Reserve Bank of India has directed Punjab National Bank to pay the entire $1.77 billion owed to counterparty lenders, citing bankers aware of the development.

At 10.24am, PNB shares were down 3.16% at Rs124.30 on BSE after sliding 20% over the previous two sessions.livemint