Punjab & Sind Bank Sheds Over 2% After Declaring Lanco Infratech As Fraud Account

Punjab & Sind Bank Share Price: On Thursday,Punjab & Sind Bank opened on the BSE at Rs 19.90, inching to an intra day high of Rs 20.10, and an intra day low of Rs 19.55, so far

Share price of Punjab & Sind Bank edged lower by around two per cent on Thursday, June 17, a day after the public-sector lender declared Lanco Infratech as a fraud account with outstanding dues of Rs 215.17 crore. On Thursday, Punjab & Sind Bank opened on the BSE at Rs 19.90, inching to an intra day high of Rs 20.10, and an intra day low of Rs 19.55, in the trading session so far. According to a stock exchange filing by the bank on Wednesday, June 16, the non-performing asset (NPA) account of Lanco Infratech Limited, with outstanding dues of ₹ 215.17 crore was declared as fraud and reported to the Reserve Bank of India (Also Read: Punjab & Sind Bank Declares Lanco Infratech's ₹ 215 Crore NPA Account As Fraud )Punjab & Sind Bank said in its statement that in terms of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the NPA account of Lanco Infratech is declared as fraud. Additionally, the account has been fully provided for as per the existing norms of the Reserve Bank of India (RBI). Lanco Infratech Limited is among the first 12 accounts that were listed by the RBI for the corporate insolvency resolution. In August 2018, the company was admitted for liquidation process after an order by the National Company Law Tribunal. On the NSE, Punjab & Sind Bank opened at Rs 19.50, swinging to an intra day high of Rs 20.10, and an intra day low of Rs 19.50, in the session so far. It was last trading 2.24 per cent lower at Rs 19,65 on the NSE.Shares of Punjab & Sind Bank were last trading 1.75 per cent lower at Rs 19.65 on the BSE.