Rs 11,363 crore fraud case: Axis Bank says has sold transactions guaranteed by Punjab National Bank

Axis Bank said on Thursday that it had dealt in transactions that had been guaranteed with letters of undertaking from Punjab National Bank, but it had since sold those transactions.

Published: 15th February 2018 11:23 AM  |   Last Updated: 15th February 2018 11:23 AM   |  A+A-

A branch office of Axis Bank. (File | Reuters)

By Reuters

MUMBAI: Axis Bank said on Thursday that it had dealt in transactions that had been guaranteed with letters of undertaking from Punjab National Bank, but it had since sold those transactions.

PNB, India's second-largest state-run lender with assets of $120 billion, said in a filing on Wednesday that it had detected fraudulent transactions worth Rs 11,363 crore at a single Mumbai branch.

Shares in PNB, which fell 10 percent on Wednesday, were down more than 5 percent in early trading on Thursday.

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