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Last Updated : Oct 01, 2020 11:19 AM IST | Source: Moneycontrol.com

Sintex Industries shares hit lower circuit as PNB reports fraud of Rs 1,203 crore

“A fraud of Rs 1,203.26 crore is being reported by Bank to the RBI in the accounts of the Company (SIL),” the bank said in a notification to exchanges.

A man reacts as he looks at a screen displaying the Sensex results outside the Bombay Stock Exchange building, Mumbai, March 12. REUTERS
A man reacts as he looks at a screen displaying the Sensex results outside the Bombay Stock Exchange building, Mumbai, March 12. REUTERS
 
 
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Punjab National Bank (PNB) shares were trading flat while that of Sintex Industries fell 5 percent intraday on October 1 after the state-run bank on September 30 reported a fraud of Rs 1,203.26 crore in the non-performing assets (NPA) account of Sintex Industries.

“A fraud of Rs 1,203.26 crore is being reported by Bank to the RBI in the accounts of the Company (SIL),” the bank said in a notification to exchanges.

The bank has already made provisions amounting to Rs 215.21 crore, as per prescribed prudential norms, the lender said.

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Under RBI norms, banks will have to make up to 100 percent provision on a fraud hit account. This provision can be made over a period of few quarters. Provision refers to the amount banks need to set aside against likely losses.

PNB share was trading at at Rs 28.60, up Rs 0.05, or 0.18 percent. It has touched an intraday high of Rs 29.00 and an intraday low of Rs 27.65 while that of Sintex Industries was quoting at Rs 1.99, down Rs 0.10, or 4.78 percent. It has touched an intraday high of Rs 2.00 and an intraday low of Rs 1.99. There were pending sell orders of 701,514 shares, with no buyers available.
First Published on Oct 1, 2020 11:19 am
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