• Wednesday, August 10, 2022

Business

Fraud-hit Punjab National Bank posts largest ever Indian bank loss

By: Sarwar Alam

Shares in fraud-hit Punjab National Bank plunged more than 12 per cent on Wednesday (16) after it posted the largest ever quarterly loss for an Indian lender. PNB, the country’s second-biggest state-run bank, has been reeling since announcing in February that it had been the victim of a 135 billion rupee ($2 billion) scam involving celebrity jeweller Nirav Modi. Investigators charged Modi in absence, as well as several senior PNB officials, on Monday over the huge fraud case, which comes as the government bids to clean up debt-laden lenders. PNB said on Tuesday it had incurred a record 134.17 billion-rupee…

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