Shares of public sector banks were trading lower as they continued to take a hit post the scam involving Punjab National Bank. Over the past few days, major public sector banks have been reporting their exposures in this case, which are believed to be to the tune of Rs 8,500 crore. The Nifty PSU bank index is down about 2 percent.
UCO Bank, Allahabad Bank, Union Bank of India, State Bank of India, Bank of Baroda and Axis Bank, among others, have fallen 2-11 percent intraday.
UCO Bank announced that it has USD 411.82 million in exposure to fraudulent transactions carried out at Punjab National Bank (PNB). Meanwhile, Allahabad Bank has an exposure of around Rs 2,000 crore by way of Letter of Undertakings issued by PNB.
The country's largest lender SBI said it has an exposure of USD 212 million (about Rs 1,360 crore) in respect to letter of undertaking issued by Punjab National Bank to Nirav Modi, but does not have any direct exposure to the absconding jewellery designer.
Axis Bank, too fell around 2 percent owing to its exposure, but clarified that it "sold down" certain such dealings with Punjab National Bank.
Source: NSE
Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
