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Home INTERNATIONAL PNB reviews fraud of Rs 3,688.58 cr in DHFL account stock slumps...

PNB reviews fraud of Rs 3,688.58 cr in DHFL account stock slumps 7%

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Shares of condition-owned Punjab Nationwide Bank slumped up to 6.7 per cent to Rs 34.6 on the BSE on Friday after the bank said it has noted loan prolonged to Dewan Housing Finance Ltd (DHFL), really worth Rs 3,688.58 crore, as fraud.&#13
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“The bank is reporting Borrowal Fraud of Rs 3,688.58 crore in NPA account of Dewan Housing Finance Ltd. (DHFL) at substantial corporate department at Mumbai, Zonal Office environment,” the bank mentioned in a regulatory filing.&#13
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The bank, having said that, had by now produced provisions for the NPA account amounting to Rs 1,246.58 crore, as for each approved prudential norms, it additional. Examine FILING Below&#13
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During the March quarter, PNB’s internet loss narrowed down to Rs 697.20 crore, when compared with Rs 4,749.64 crore loss in the corresponding quarter past 12 months. It designed provisions of Rs 4,901.31 crore for lousy loans through the quarter underneath evaluation, down 51.33 per cent from the calendar year-in the past interval.&#13
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“Regardless of higher margins and other income, PNB at the time once again reported a loss, mostly driven by increased NPA provisions because of to improved specific PCR and greater write-offs. PNB’s SMA 2 book now declined to Rs 9600 crore (1.9% of financial loans vs. 3.2% in Q3), when overall SMA (-2) was Rs 51,800b crore (13% of loans). Barring 5% provision on loans under the standstill profit, the bank has not produced any Covid-19 contingent provision, which is disappointing. The merged bank has GNPA of 13.8%, NNPA of 5.5% and PCR of 60%,” analysts at Emkay World-wide Monetary Services had reported in a Q4 final result critique note. They have ‘sell’ rating on the inventory with a concentrate on price of Rs 29.&#13
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At 9:50 am, the stock of the bank was trading 3.6 per cent lessen at Rs 35.75 for each share on the BSE, as in opposition to 70 points, or .19 for every cent, drop in the benchmark S&P BSE Sensex. A put together 32.64 million shares had changed fingers on the counter on the NSE and BSE until the time of writing of this report. On the other hand, shares of DHFL tanked 4.8 for every cent in the intra-day trade to strike a day’s low of Rs 14.9 apiece. It was buying and selling 3 for each cent decrease at 9:50 am on the BSE.&#13
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In November previous year, the Reserve Bank experienced despatched the troubled mortgage lender DHFL for personal bankruptcy proceedings, generating it the 1st money products and services player to go to the NCLT for a achievable credit card debt resolution. DHFL came in the eye of the storm just after a report advised that the corporation, by means of layers of shell firms, allegedly siphoned off Rs 31,000 crore out of whole bank financial loans of Rs 97,000 crore.&#13

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