Shares of Punjab National Bank on Friday tumbled nearly 7 per cent after the company said it has reported a fraud of Rs 3,688.58 crore in the non-performing asset account of Dewan Housing Finance (DHFL) to the RBI. The stock plunged 6.73 per cent to Rs 34.60 on the BSE.
On the NSE, it tanked 6.73 per cent to Rs 34.60.
The DHFL came in the eye of the storm after a report suggested that the company, through layers of shell companies, allegedly siphoned off Rs 31,000 crore out of total bank loans of Rs 97,000 crore. "A fraud of Rs 3,688.58 crore is being reported by Bank to RBI in the accounts of the company (DHFL)," PNB said in a stock exchange filing.
The bank has already made provisions amounting to Rs 1,246.58 crore, as per prescribed prudential norms, it added.
In November last year, the Reserve Bank had sent the troubled mortgage lender DHFL for bankruptcy proceedings, making it the first financial services player to go to the NCLT for a possible debt resolution.
After alleged violations in the company came to light last year, various agencies, including SFIO, had initiated probe.
