PNB's fraud saga continues

The worms from the decayed can just does not seem to stop creeping out. PNB is yet to get over the 2018 Nirav Modi scam and one more – yesterday it reported a loan fraud to the tune of Rs.3688 crore in the account of Dewan Housing Finance Corporation, which is itself in bankruptcy proceedings.

PNB said that it has already made provisions of Rs 1,246.58 crore pertaining to the incident.

Not surprisingly, the stock is among the top three losers on the BSE since opening bell. PNB slipped almost 7% down to Rs.34.60, not too far from its 10% LC of Rs.33.40. Its 52-week low is at Rs.26.30.