Gold Silver Reports – PNB Stock Down 9% to Kiss 52-Week – Shares opened weak at ₹107.80, then cracked 8.75 % to a 52-week low of ₹ 102.10 on the BSE.
PNB Fraud
India Is Said to Plan Asking PNB to Pay Banks for PNB Bank Fraud
Gold Silver Reports – India is planning to ask state-owned lender Punjab National Bank to compensate other lenders for losses arising out of the $1.8 billion fraud allegedly perpetrated by jewelers Nirav Modi and Mehul Choksi, a person familiar with the matter said.
Jewellery Stocks Down, Gitanjali Gems Shares Tank 60% – PNB Fraud
Gold Silver Reports – Jewellery Stocks Down, Gitanjali Gems Shares Tank 60% – PNB Fraud — While Mehul Choksi-promoted Gitanjali Gems Ltd has lost around Rs435.91 crore or nearly 60% of its market value ever since the fraud at Punjab National Bank (PNB) came to light, the steep erosion has hammered other jewellery stocks as well.
Who’s Responsible for the PNB Fraud? By Goldman Neal Bhai Reports
Gold Silver Reports – Who’s Responsible for the PNB Fraud? — There’s an old saying that goes: “Fool me once, shame on you; fool me twice, shame on me.” That adage, when applied to Indian banking, would probably be: “Fool banks once—oh these things happen; fool them twice—catch a few low-level minions and jail them after a trial lasting twenty five years; fool them for the umpteenth time—allow the fraudster to escape abroad, recapitalise the banks and continue with business as usual.” Contrary to what Abraham Lincoln was supposed to have said, it seems entirely possible to fool all the people all the time.
$1.8 Billion PNB Fraud Threatens to Create Liquidity Problems in Gems, Jewellery Sector
Gold Silver Reports – PNB Fraud Threatens to Create Liquidity Problems in Gems, Jewellery Sector — The $1.8 billion fraud at Punjab National Bank (PNB) committed by billionaire jeweller Nirav Modi threatens to dry up funding for India’s gems and jewellery industry, as banks move to tighten their loan processes and seek higher collaterals.