PNB's share price down after fraudulent transaction detected in Mumbai branch

After a fraudulent transactions worth $ 1,771.7 million was detected in Punjab National Bank (PNB)'s Mumbai branch, the PSU bank's share price dipped by as much as 5.9 percent in early trade on Wednesday.

The PNB, in its BSE filing, said the bank has detected some fraudulent and unauthorised transactions (messages) in one of its branch in Mumbai for the benefit of a few select account holders with their apparent connivance.

"Based on these transactions other banks appear to have advanced money to these customers abroad," the PNB said in its BSE filing.

At 09:25 hours IST, the stock price Punjab National Bank was quoting at Rs 155.95, down Rs 5.70, or 3.53 percent on the BSE, reported Moneycontrol.com.

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