It was noted that the scrip were trading at 10.99 per cent lower at Rs 76.50 on NSE in the morning trade today. The bank made payments to the tune of almost Rs 6600 crore to other banks to whom it owed money on underwriting commitments with regard to the letters of undertakings that were fraudulently issued to the Nirav Modi group.
The CBI on Monday filed a chargesheet against Allahabad Bank MD and CEO Usha Ananthasubramanian and 21 others, including 11 bank officials, in the over Rs 13,000 crore Punjab National Bank fraud case in which diamantaire Nirav Modi and his uncle Mehul Choksi were allegedly involved. The bank will make payments to the concerned banks on the due dates of LOUs/FLCs, PNB said.
"Conduct a forensic financial analysis of the books and records of the debtors, bank records, vendor records, and any and all relevant information of other entities consistent with the investigation, and trace the movement of monies obtained under the alleged fraud circumstances against PNB to the debtors, and related entities and individuals", the court order reportedly said.
Nirav Modi was named as an absconding accused by the CBI. PNB's CASA (current account savings account) deposits increased to Rs 2,63,247 crore and its share in overall deposits was 43.85 per cent in March 2018, it said.
The chargesheet states that Rs. 6498.20 crores amount of Letters Of Undertaking (LoUs) were issued for these firms between 2011 to 2017.
It had reported standalone profit of Rs 261.90 crore in the fourth quarter of 2016-17. Ananthasubramanian was earlier with PNB.
The quarterly loss of Rs 13,416 crore was attributed mainly to higher provisioning particularly to account for bad assets rising more than three-fold from Rs 4,910.39 crore to Rs 16,202.82 crore.
PNB said on Tuesday it had incurred a record 134.17bn rupee net loss for the January-March quarter, having posted a 2.62bn rupee profit in the same period previous year.
To ensure proper checks and balances, PNB has gone for a four-way split for loan operations and created a focused off-site centre for monitoring all foreign exchange businesses.