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Last Updated : Jul 10, 2020 04:09 PM IST | Source: Moneycontrol.com

PNB shares tumble 5% on Rs 3,600 crore DHFL loan 'fraud'

A fraud of Rs 3688.58 crore in the NPA account of Dewan Housing Finance is being reported by the bank to RBI, it has told exchanges.

 
 
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Punjab National Bank (PNB) share price tumbled 5.53 percent to close at Rs 35.05 on July 10, a day after the lender declared its Rs 3,600 crore exposure to Dewan Housing Finance as a fraudulent account.

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"A fraud of Rs 3688.58 crore in the NPA account of Dewan Housing Finance (DHFL) at Large Corporate Branch at Mumbai, Zonal Office, Mumbai. A fraud of Rs 3688.58 crore is being reported by the bank to RBI in the accounts of the company (DHFL),” it said in an exchange filing.

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According to Moneycontrol SWOT Analysis powered by Trendlyne, Punjab National Bank has reported a decline in net profit with a falling profit margin (QoQ) with MFs decreasing their shareholding last quarter.

However, Moneycontrol technical rating is very bullish with moving averages and technical indicators being bullish.

Disclaimer: The views and investment tips expressed by experts on moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.​
First Published on Jul 10, 2020 10:11 am
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