The Trader 

Market Outlook: Punjab National Bank faces downgrade

The Trader

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.   

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