PNB Share Price Remains Below 2018 Levels Following Mehul Choksi’s ₹14,000 Crore Fraud Revelation

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April 14, 2025

PNB Share Price Remains Below 2018 Levels Following Mehul Choksi’s ₹14,000 Crore Fraud Revelation

The recent arrest of absconding jeweller Mehul Choksi in Belgium has reignited attention on the ₹14,000-crore scam involving Punjab National Bank (PNB), which came to light in 2018. Choksi, alongside his nephew Nirav Modi, is accused of orchestrating one of India’s largest financial frauds by utilizing fraudulent Letters of Undertaking (LoUs) issued by PNB’s Mumbai branch to secure loans for their shell companies. Following the revelation of the scam, PNB’s share price plummeted, resulting in nearly a 55% loss by mid-2018, with the bank also reporting its largest-ever net loss of ₹13,417 crore. While the bank’s stock remains around ₹96, analysts are optimistic about its recovery, citing improved financial metrics and growth potential, with some suggesting a target price of ₹161 in the coming months.

Original source:

https://www.livemint.com/market/stock-market-news/pnb-share-price-psu-bank-still-below-2018-level-when-mehul-choksi-led-rs-14-000-crore-fraud-came-to-light-11744625088873.html

PNB Share Price Remains Below 2018 Levels Following Mehul Choksi’s ₹14,000 Crore Fraud Revelation

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