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Another Scam Disclosure PNB is 11% broken Stock, 4 Thousand Crore Market Value Decreased

After another fraud in Punjab National Bank (PNB), the share of the bank fell to 11% on Monday. This reduced the market cap of the bank by about Rs 4 thousand crores to Rs 33,500 crore in just a few hours. PNB had informed the scam of Rs 3,805 crore on Saturday, which has been charged on Bhushan Power and Steel.
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Open stock with weakness
In the morning, PNB's stock opened at around Rs 76.30 with weakness of around 5 percent and in 7.30 percent weakened in a while. According to an analyst, "Forensic audit is a good example of good governance for the Indian banking sector. This will increase the confidence of the bank in the investor. However, for some time, PNB shares may be seen in weakness.

 3805 crores fraud
Earlier, on Saturday, the bank had informed the fraud of Rs 3,805 crore, which has a domestic exposure of Rs 3,191 crore, and the $ 4.971 million misappropriations were linked to the Dubai branch of the bank and the $ 3.851 million fraudulent Hong Kong branch. Significantly, Bhushan Power is one of the 12 accounts of the country whose Reserve Bank (RBI) has identified for insolvency procedures.

 Allegations of bookkeeping on Bhushan Power
PNB said that the company misused the bank's funds and distorted the bookkeeping to raise funds from consortium lenders. This fund has come up in the government-owned bank, while Nirav Modi is trying to recover from the scam. Nearly Rs 11,400 crores were received by the bank in the Nirav Modi scam. According to Bloomberg's data, three out of the PNB's stock cover have given a 'bye' rating, while 8 have 'hold' and 20 have a 'cell' rating.
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  1. Maya Aaliyah4 March 2020 at 04:06

    Good one! Thanks for sharing. By the way What's the benifit of investing in funds over the individual stocks and bonds?
    Sensex
    Sensitive Index
    BSE Sensex

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  2. Ady20 July 2020 at 03:04

    Thanks for your valuable information. stock investor is a stock related website which provides day to day information of the stock market.
    Exide Industries Ltd
    Container Corporation of India Ltd


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