PNB shares down over 2%

Shares of scam-hit Punjab National Bank today came under selling pressure, falling over 2 per cent, after witnessing marginal gains in the past two sessions.


The stock went down 2.09 per cent to end at Rs 114.65 on BSE. During the day, it lost 2.90 per cent to Rs 113.70. At NSE, shares of the company slipped 2.30 per cent to close at Rs 114.60.


In terms of equity volume, 27.98 lakh shares of the company were traded on BSE and over 4 crore shares changed hands at NSE during the day. Since February 12 till February 19, the stock had fallen almost 28 per cent.


State-owned PNB today said it has followed lawful avenues to recover its dues following Rs 11,400 crore swindling of funds allegedly by jewellery designer Nirav Modi and associates.


The PSU bank also asked Modi to come up with a concrete and implementable plan to settle the loss. PNB had disclosed about the scam on February 14 through a regulatory filing.


Meanwhile, PNB will move out of NSE's Nifty Midcap 100 index in April. The changes were announced yesterday by India Index Services and Products Ltd (IISL), an arm of National Stock Exchange as part of its periodic review. -- PTI