PNB Scam: Shares of public sector banks take a hit

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Following the recent Punjab National Bank scam, shares of public sector banks (PSBs) have taken a hit, with shares of 11 PSBs at their 52-233k lows.

PNB
Following the PNB fraud shares of PSBs have fallen drastically.

The 11 banks include Allahabad Bank, Corporation Bank, Punjab National Bank, Dena Bank, Syndicate Bank, Oriental Bank of Commerce, Union Bank of India, Bank of Maharashtra, Punjab & Sind Bank, UCO Bank, and United Bank of India.

As of 10:23 a.m. today, the total market cap of the PSBs fell to Rs.4,335 billion, down from Rs.4,792 billion, a loss of Rs.457 billion.

While Punjab National Bank saw the biggest drop in market value at 25 per cent, Allahabad Bank registered a 14 per cent drop, followed by Syndicate Bank at 12 per cent.

Bank Drop in market value
Punjab National Bank 25 %
Allahabad Bank 14 %
Syndicate Bank 12 %
Bank of Baroda 12 %
Bank of India 12 %
Union Bank of India 12 %

The Punjab national Bank scam involves other banks as well, with Allahabad Bank having exposure worth around Rs.2,000 crore, SBI having exposure around Rs.1,360 crore and UCO Bank having an exposure of Rs.2,636 crore.

Read more: Rs.2.6 lakh crore infused into public sector banks since 07-08

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