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PNB Flags Rs 2,434 Crore Loan Fraud Linked to SREI Group, Stock in Focus
PNB reported a ₹2,434 crore loan fraud tied to SREI Group entities, stating full provisioning is already done, keeping potential financial impact contained.
Punjab National Bank shares are likely to attract attention on Monday after the lender disclosed a borrowing fraud of ₹2,434 crore linked to erstwhile promoters of two SREI Group companies. The disclosure was made in a regulatory filing after market hours on December 26. PNB clarified that it has already made a 100 percent provision for the entire outstanding exposure. On Friday, the stock ended 0.50 percent lower at ₹120.35 on the BSE.