Financials News

PNB weigh on markets, closes 10 pc down; Sensex falls 144 points

PNB weigh on markets, closes 10 pc down; Sensex falls 144 points

Mumbai: Benchmark Sensex succumbed to fag-end profit-booking to end 144 points lower at 34,156 on Wednesday after banking stocks tumbled on Reserve Bank of India’s (RBI) new norms for recognising stressed assets.

In addition, public sector bank Punjab National Bank (PNB), on Wednesday, said it has detected some fraudulent transactions worth USD 1.171 billion (about Rs 11,334.4 crore) and the matter has been referred to law enforcement agencies for recovery.

PNB stock ended 10.39 per cent or 16.80 points down at Rs 144.80.

The benchmark BSE index opened higher at 34,436.98 on positive domestic and global cues and advanced to hit a high of 34,473.43.

However, it slipped on profit-booking to touch a low of 34,028.68. It finally ended 144.52 points or 0.42 per cent down at 34,155.95.

The NSE Nifty settled the day 38.85 points or 0.37 per cent lower at 10,500.90 after shuttling between 10,590.55 and 10,456.65, intra-day.

Foreign portfolio investors (FPIs) sold shares worth Rs 814.11 crore on net basis on Monday, while domestic institutional investors bought shares worth Rs 1,342.70 crore, provisional data showed.

PTI