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4-Traders Homepage  >  Equities  >  NATIONAL STOCK EXCHANGE OF INDIA  >  Punjab National Bank    PNB   INE160A01022

PUNJAB NATIONAL BANK (PNB)
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Punjab National Bank : Fraud-hit Punjab National Bank rapped for not making timely regulatory disclosures

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05/17/2018 | 05:22pm CEST

MUMBAI: India's state-owned Punjab National Bank (PNB) has received a warning letter from the country's markets regulator for failing to make timely disclosures to the stock exchanges about a sprawling $2 billion fraud.

The compliance and monitoring arm of the Securities and Exchange Board of India (SEBI), in a letter on May 15, noted delays of one to six days on the part of the lender in making disclosures about the fraud, PNB said in a securities filing on Thursday.

PNB, India's second-largest state-run bank, said in February two jewellery groups had defrauded it of more than $2 billion by raising credit from overseas branches of other Indian banks via illegal guarantees issued by rogue PNB staff over several years.

The bank had initially said it had been defrauded of only 2.8 billion rupees, or about $41.3 million, before going on to disclose what has become the largest ever loan fraud case in Indian banking history.

PNB had filed a police complaint about the fraud on Jan. 29, but disclosed the matter to the regulator only on Feb. 5. Its shares fell more than 10 percent between that period.

In its letter, the securities regulator said it viewed the non-compliance "seriously" and warned PNB to be "cautious in future to ensure compliance".

(c) 2018, Express Network Pvt Ltd. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ( INR)
Sales 2019 258 B
EBIT 2019 93 593 M
Net income 2019 -40 405 M
Debt 2019 -
Yield 2019 2,57%
P/E ratio 2019 -
P/E ratio 2020 5,94
Capi. / Sales 2019 0,88x
Capi. / Sales 2020 0,79x
Capitalization 227 B
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Technical analysis trends PUNJAB NATIONAL BANK
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 33
Average target price 126  INR
Spread / Average Target 53%
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Managers
NameTitle
Sunil Mehta Chief Executive Officer, Director & MD
Sunil Mehta Chairman
P. K. Sharma Chief Financial Officer & General Manager
Kunche Veeraj Brahmaji Rao Executive Director
Sudhir Nayar Director
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