Shares of Punjab National Bank on Monday dived over 11% after the company detected a fraud of more than Rs 3,800 crore by Bhushan Power & Steel Ltd (BPSL). At the NSE, shares of the public sector lender dropped 11.24% to Rs 72.60. PNB said Saturday Bhushan Power & Steel Ltd misappropriated bank funds and manipulated its books of accounts to raise funds from consortium lender banks. "It has been observed that the company has misappropriated bank funds, manipulated books of accounts to raise funds from consortium lender banks. At present, the case is at NCLT which is in advance stage and the Bank expects good recovery in the account," Punjab National Bank (PNB) said in a regulatory filing.

Source: dna July 08, 2019 07:52 UTC