Punjab National Bank slumps for third straight day; hits 52-week low

No .6 | Bank: Punjab National Bank: Annual rate of interest: 6 percent | What Rs 1 lakh grows to in three year: Rs 1,19,562

Shares of Punjab National Bank continued to reel under pressure for the third consecutive day after the detection of Rs 11,400 crore fraud, slipping over 3 percent in morning trade on bourses.

The stock hit its 52-week low on both Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) today after it opened on a bearish note and fell 3.27 percent to Rs 124.15 on BSE. Similarly on NSE, the stock dropped to a low of Rs 123.40. Meanwhile, shares of PNB Housing too slipped 1.36 percent to a low of Rs 1,182.60.

A fortnight after the scam was first reported, PNB Chairman and Managing Director Sunil Mehta yesterday said it has the capability to recover the dues from Modi and promised to take action against all wrongdoers.

As the Enforcement Directorate conducted multiple searches at establishments linked to Modi, seizing diamonds, jewellery and gold worth Rs 5,100 crore and sealing six properties, the Finance Ministry said recovery would be made and nobody would be spared.