Shares of Punjab - Sind Bank were last trading 2.24 percent lower at Rs 19.65 on the NSE.Share price of Punjab - Sind Bank edged lower by around 2 percent on Thursday, June 17, a day after the public-sector lender declared Lanco Infratech as a fraud account with outstanding charges 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.
(Likewise Check Out: Punjab - Sind Bank States Lanco Infratech's 215 Crore NPA Account As Scams )According to a stock exchange filing by the rely on Wednesday, June 16, the non-performing asset (NPA) account of Lanco Infratech Limited, with outstanding fees of 215.17 crore was declared as fraud and reported to the Reserve Bank of India.Punjab - Sind Bank said in its statement that in regards to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the NPA account of Lanco Infratech is stated as fraud.
In addition, the account has actually been totally provided for as per the existing norms of the Reserve Bank of India (RBI).
Lanco Infratech Limited is amongst the very first 12 accounts that were listed by the RBI for the business insolvency resolution.
In August 2018, the company was admitted for liquidation procedure 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 percent 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.