After posting Rs 13417 crore Q4 loss, PNB shares slump 14%

PNB Scam case CBI files 2nd chargesheet against Mehul Choksi Gitanjali Group firms

Punjab National Bank's asset quality has deteriorrated in the past few quarters.

The bank's stock tanked 12.15 per cent to end at Rs 75.55 on Wednesday.

On Monday, the CBI had chargesheeted Nirav Modi and 24 others in connection with fraud of Rs 6,498 crore.

The investigation has revealed that, during 2015 to 2017, the accused PNB officials fraudulently issued LoUs for obtaining buyer'scredit and FLCs to overseas banks in favour of the said three companies without any sanctioned limit or cash margin and without making entries in the CBS system of the bank.

Aniyath Nair, director of Gili; Nitin Sahi, assistant finance officer of Gitanjali; Kapil Khandelwal, chief financial officer of Geetanjali; and Vipul Chetalia, head, banking operations of the Gitanjali group; have also been named as accused. The bank will make payments to the concerned banks on the due dates of LOUs/FLCs, PNB said.

While the bank had reported a Profit after Tax for the year at Rs 1,324.80 crore, RBI, after considering under-reported provisioning, reworked the profit to less than half of it at Rs 532.60 crore.

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Incidentally, BDO India LLP, the firm engaged by PNB to conduct a forensic investigation into the fraud committed by Modi and his companies, has also shared its findings with the United States bankruptcy court.

Earlier this month, the daily had reported that the Bankruptcy Court for the Southern District of NY had asked a global professional services firm, Alvarez and Marsal, to investigate the circumstances surrounding the alleged Rs 13,000 crore bank fraud involving the diamantaire-turned-fugitive.

Punjab National Bank made provisions of Rs 20,353 crore towards bad loans in the fourth quarter ended March 2018.

An analyst with a private brokerage firm who did not wish to be identified said the loss reported may vary depending on the decision of the bank management on whether to spread the impact of the bond losses and gratuity expenses across quarters or provide for the same in entirety in the March quarter.

"After including outstanding amounts under other credit facilities to the above entities, the amount involved now works out to be Rs 14,356.84 crore", PNB said. According to the reports, PNB detected the multi-crore scam.

"PNB may also be restricted to conduct normal business".

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