PNB falls on 'divergence'

PNB fell 2.8% to Rs.62.65 and remains in the red though, surprisingly, not among the top five losers on the BSE, despite the gravity of its news.

The second largest PSU bank in India announced on Saturday that it had under-reported its Gross as well as Net non-performing assets by Rs 2,617 crore for FY19, as per RBI's risk-assessment report.

Also, the divergence in provisioning for bad loans in FY19 was to the tune of Rs.2,091 crore - provisions for NPAs made by the bank in FY19 stood at Rs.48151 crore while it needed to provide Rs.50,242 crore.

The Bank had reported, on its assessment of bad loans, a net loss of Rs.9975 crore and now, post the RBI assessment, the net loss stands increased at Rs.11,336 crore.