MUMBAI - Shares in fraud-hit Punjab National Bank plunged more than 12 percent on Wednesday after it posted the largest ever quarterly loss for an Indian lender. PNB said on Tuesday it had incurred a record 134.17 billion-rupee net loss for the January-March quarter, having posted a 2.62 billion-rupee profit in the same period last year. The bank has accused Modi and his uncle and business partner Mehul Choksi of defrauding it of 2.8 billion rupees, which was just part of its total losses. PNB said it had allocated 71.78 billion rupees to pay around half the amount it owes in the three months to March 31, while setting aside the other 50 percent over the next three quarters. India's Central Bureau of Investigation (CBI) has arrested 19 people for enabling the defrauding of the bank with forged documents but Modi and Choksi remain untraceable.

Source: Bangkok Post May 16, 2018 05:37 UTC