On Thursday, shares of Punjab and Sind Bank fell over 6 per cent after the kinder reported fraud of over Rs 238 crores by Bhushan Power and Steel Ltd (BPSL). On the BSE, the scrip sank 6.20 per cent to Rs 24.20.
In a regulatory filing, Punjab and Sind Bank said, “On the basis of forensic audit investigation findings and CBI filing FIR, on suo moto basis, against the company and its directors, alleging diversion of funds from banking system, a fraud of Rs 238.30 crore is being reported by bank to Reserve Bank of India. In the accounts of the company (BPSL), the bank has already made provisions amounting to Rs 189.35 crore, as per prudential norms.”
On the NSE, shares broke 6.39 per cent to Rs 24.15. Earlier, the state-owned bank reported over Rs 238 crores fraud by Bhushan Power and Steel on Wednesday.