PNB scam aftermath: Many bank stocks continue to fall

PTIUpdated: Thursday, May 30, 2019, 12:05 AM IST
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New Delhi: Bank stocks continued to face selling pressure today with many hitting their 52-week lows amid concerns over the alleged Rs 11,400 crore PNB fraud case involving billionaire diamantaire Nirav Modi.

Shares of UCO Bank plunged 11.26 per cent, those of Union Bank of India – 10.94 per cent, Allahabad Bank – 10.77 per cent, Bank of Baroda – 9.28 per cent, Syndicate Bank – 8.96 per cent and Bank of Maharashtra – 7.33 per cent on BSE.

Also Read: Bank Scam-Gitanjali Gems plunge 10%, PNB stocks trade 8% lower

Among others, State Bank of India lost 5.57 per cent, Corporation Bank 3.32 per cent and AXIS Bank 1.71 per cent.

Almost, all public sector lenders saw prices of their stocks tumble last week after the alleged PNB fraud came to light.

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