Punjab National Bank Reports Rs 1,203-Crore Fraud By Sintex Industries
A pedestrian walks past a Punjab National Bank branch in Mumbai. (Photographer: Dhiraj Singh/Bloomberg)

Punjab National Bank Reports Rs 1,203-Crore Fraud By Sintex Industries

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State-run Punjab National Bank on Wednesday declared its Rs 1,203.26 crore exposure to Sintex Industries Ltd. as a fraud.

Pursuant to the applicable provisions of SEBI's Listing Obligations and Disclosure Requirements and the bank's policy, “we inform reporting of borrowal fraud of Rs 1,203.26 crore in NPA account of Sintex Industries Ltd.,” PNB said in a regulatory filing.

The fraud reporting pertains to the large corporate branch at Ahmedabad zonal office, it added.

"The fraud of Rs 1,203.26 crore is being reported by bank to RBI in the accounts of the Company. Bank has already made provisions amounting to Rs 215.21 crore, as per prescribed prudential norms," it added.

PNB stock closed at Rs 28.55 apiece on BSE, down 1.72%.

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