PNB hits a new low

Punjab National Bank (PNB) is the top loser on the BSE and it hit a year low at Rs.101.10, down 9.5%.

The stock is down as news came in that the scam at PNB could be much higher than what was revealed earlier.

As against the earlier estimate of Rs.11,400 crore, PNB stated that the scam could go up by 1300 crore. This makes the scam worth Rs.12,700 crore.

At the earlier number itself, it was the biggest banking scam and this increased number only reiterates this dubious distinction.