PNB slumps for third straight day; hits 52-week low

Shares of Punjab National Bank continued to reel under pressure for the third consecutive day after the detection of Rs 11,400-crore fraud, slipping over 3 per cent in morning trade on bourses.

The stock hit its 52-week low on both BSE and NSE today after it opened on a bearish note and fell 3.27 per cent to Rs 124.15 on BSE.

Similarly on NSE, the stock dropped to a low of Rs 123.40. Meanwhile, shares of PNB Housing too slipped 1,36 per cent to a low of Rs 1,182.60.

A fortnight after the scam was first reported, PNB Chairman and Managing Director Sunil Mehta yesterday said it has the capability to recover the dues from Modi and promised to take action against all wrongdoers.

As the Enforcement Directorate conducted multiple searches at establishments linked to Modi, seizing diamonds, jewellery and gold worth Rs 5,100 crore and sealing six properties, the finance ministry said recovery would be made and nobody would be spared.

PNB has already suspended 10 officers and referred the matter to CBI for investigation.