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Sensex ends lower , bank stocks crash on fraud in PNB

Sensex ends lower , bank stocks crash on fraud in PNB

 Feb 14, 2018

The benchmark index of Bombay Stock Exchange (BSE) fell on Wednesday by 144.52 points to end the volatile session on a negative note at 34,155.95 as the bank stocks crashed on a report of alleged fraud worth about USD 1,771.69 million detected at Mumbai branch of public lender Punjab National Bank coupled with announcement of new debt resolution by RBI on Monday. 

The Nifty of National Stock Exchange (NSE) too declined by 38.85 points to 10,500.90. In a filing with BSE, the bank said the transactions were 'for the benefit of a few select account holders with their apparent connivance' and that 'based on these transactions other banks appear to have advanced money to these customers abroad.'

Country's second-biggest state-run lender did not name the people involved in fraud but said it had reported the deals to law enforcement agencies and would evaluate later whether it faces any liability arising out of the transactions.

A high oscillation was witnessed during the day as the Sensex edged higher by 136 points to 34,436.28 in the morning trade. It then advanced by 173 points to hit the day's high of 34,473.43, but then it pared early gains as it suddenly tumbled by nearly 272 points to touch the day's low of 34,028.68, before closing at 34,155.95, sliding by 144.52 points as compared to its previous close. The Nifty recorded day's high and low 10,590.55 and 10,456.65 points, respectively.

The losses in sectoral indices like Materials, Health Care, Bankex and Oil & Gas dragged the market down, however, gains in Realty, Capital Goods and Telecom capped its furhter losses, brokers informed.

Scrips of Yes Bank, SBIN, Axis Bank and ONGC also lost.

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