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PNB stock weakens after lender flags large borrowing fraud to regulator
PNB shares slipped after the bank reported a ₹2,434-crore borrowing fraud linked to former Srei Group promoters, even as the lender said the exposure is fully provided.
Shares of declined up to 3% after the lender disclosed a borrowing fraud involving former promoters of the Srei Group. The bank reported the matter to the RBI, citing alleged fraud of ₹1,240.94 crore linked to Srei Equipment Finance and ₹1,193.06 crore related to Srei Infrastructure Finance. PNB clarified that the accounts are already fully provided for, but the disclosure weighed on investor sentiment amid heightened scrutiny of asset quality.