Ratings agency Moody’s today said that India’s second biggest state lender, the Punjab National Bank, was under review for a downgrade. This follows the bank’s announcement on Wednesday that its branch in Mumbai had been targeted by businessmen, aided by branch staff, who received loans worth $1.77 billion which had avoided the normal approval channels. Shares in the bank are off by 31 per cent since last week’s announcement.
To continue reading, register today
to enjoy limited access to the following:
- Daily trading news
- Funds coverage
- Features on big investment themes
- Comprehensive companies coverage
- Economic analysis