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PNB Shares Tank Over 12 Per Cent After Biggest Ever Loss by an Indian Bank

The bank’s stock tanked 12.15 per cent to end the day at Rs 75.55 on BSE. Intra-day, it slumped 13.60 per cent to Rs 74.30-its 52-week low level.

PTI

Updated:May 16, 2018, 5:39 PM IST

File Photo of Punjab National Bank (Image: Reuters)
New Delhi: The scrip of Punjab National Bank continued to remain weak for the second straight session on Wednesday, falling sharply by over 12 per cent after the company posted a loss of Rs 13,416.91 crore for the January-March period, the biggest ever by any domestic lender.

The bank’s stock tanked 12.15 per cent to end the day at Rs 75.55 on BSE. Intra-day, it slumped 13.60 per cent to Rs 74.30-its 52-week low level.

On NSE, shares of the company plunged 11.92 per cent to settle at Rs 75.70.

On the equity volume front, 93.19 lakh shares of the company were traded on BSE and over nine crore shares changed hands on NSE during the day.
The stock had fallen 3.8 per cent in the previous trading session also, wiping out Rs 3,822.87 crore from its market valuation in two days.

Punjab National Bank, on Tuesday posted loss of Rs 13,416.91 crore for the January-March period, as bad loans surged.

The state-owned bank had reported standalone profit of Rs 261.90 crore in the fourth quarter of the preceding 2016-17 fiscal.

The bank has witnessed deterioration in gross net performing assets (NPAs) or bad loans, which rose to 18.38 per cent of gross advances at the end of March quarter this year, as against 12.53 per cent a year ago.

Net NPAs also soared to 11.24 per cent against 7.81 per cent year ago.

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Source: News18

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