Wednesday, February 21, 2018
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Image result for Punjab National Bank leads losers in 'A' group

Bank of India, Oriental Bank of Commerce, JK Tyre & Industries and Finolex Industries are among the other losers in the BSE's 'A' group today, 14 February 2018.

Punjab National Bank (PNB) lost 7.55% to Rs 149.45 at 13:51 IST. The stock topped the losers in the BSE's 'A' group. On the BSE, 31.75 lakh shares were traded on the counter so far as against the average daily volumes of 12.67 lakh shares in the past two weeks. PNB announced that it has detected some fraudulent and unauthorised transactions (messages) in one of its branch in Mumbai for the benefit of a few select account holders with their apparent connivance. Based on these transactions, other banks appear to have advanced money to these customers abroad. The announcement was made before trading hours today, 14 February 2018.

In the bank these transactions are contingent in nature and liability arising out of these on the bank shall be decided based on the law and genuineness of underlying transactions. The quantum of such transactions is $1771.69 million (approximately). The matter is already referred to law enforcement agencies to examine and book the culprits as per law of the land. The bank said it is committed to clean and transparent banking.

Bank of India dropped 6.8% to Rs 135. The stock was the second biggest loser in 'A' group. On the BSE, 8.61 lakh shares were traded on the counter so far as against the average daily volumes of 4.73 lakh shares in the past two weeks. Bank of India reported net loss of Rs 2341.20 crore in Q3 December 2017, as compared with net profit of Rs 101.72 crore in Q3 December 2016. Total income fell 10.51% to Rs 10376.03 crore in Q3 December 2017 over Q3 December 2016. The results were announced after market hours on Monday, 12 February 2018.

Domestic stock markets had remained closed yesterday, 13 February 2018, on account of Mahashivratri.

Oriental Bank of Commerce fell 6.36% at Rs 105.20. The stock was the third biggest loser in 'A' group. On the BSE, 20.69 lakh shares were traded on the counter so far as against the average daily volumes of 3.13 lakh shares in the past two weeks.

JK Tyre & Industries declined 5.78% at Rs 179.35. The stock was the fourth biggest loser in 'A' group. On the BSE, 4.08 lakh shares were traded on the counter so far as against the average daily volumes of 3.09 lakh shares in the past two weeks. JK Tyre & Industries' consolidated net profit declined 86.91% to Rs 11.32 crore on 15.54% rise in net sales to Rs 2123.24 crore in Q3 December 2017 over Q3 December 2016. The results were announced after market hours on Monday, 12 February 2018. Domestic stock markets had remained closed yesterday, 13 February 2018, on account of Mahashivratri.

Finolex Industries slipped 5.33% to Rs 655. The stock was the fifth biggest loser in 'A' group. On the BSE, 15,000 shares were traded on the counter so far as against the average daily volumes of 11,000 shares in the past two weeks. Finolex Industries' net profit fell 3.34% to Rs 69.55 crore on 26.52% rise in total income to Rs 732.98 crore in Q3 December 2017 over Q3 December 2016. The results were announced after market hours on Monday, 12 February 2018. Domestic stock markets had remained closed yesterday, 13 February 2018, on account of Mahashivratri.

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Courtesy: Business Standard

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