PNB Shares Drop 3% After Reporting Rs 2,434 Cr Srei Group Loan Fraud to RBI

• PNB reported a Rs 2,434 crore loan fraud against former promoters of Srei Group to the RBI.
• The fraud involves SREI Equipment Finance Ltd (Rs 1,240.94 cr) and SREI Infrastructure Finance Ltd (Rs 1,193.06 cr).
• PNB shares fell up to 3.1% following the news, trading at Rs 116.6 each on December 29.
• Srei Group entities underwent IBC resolution and were acquired by National Asset Reconstruction Company Ltd (NARCL) in Dec 2023.
• PNB has already made 100% provisions against the entire outstanding amount related to the fraud.

Why It Matters: PNB reported a significant loan fraud by Srei Group ex-promoters, causing its shares to drop.