Punjab National Bank shares rallied 3 percent to close at Rs 93.55 on March 20 after reports of fugitive Nirav Modi getting arrested in London.
Modi, along with Mehul Choksi, is accused in Rs 14,000 crore fraud involving Punjab National Bank.
According to news agency PTI, the arrest came days after a London court issued an arrest warrant against him in response to a request by the Enforcement Directorate for his extradition in a money laundering case.
He will be produced at the Westminster magistrates' court on March 20.
The ED and the Central Bureau of Investigation (CBI) are investigating Modi, his uncle Mehul Choksi and others for alleged money laundering and corruption to perpetrate the alleged scam in the Brady House branch of the PNB in Mumbai that was unearthed in early 2018.
The stock lost nearly 70 percent from January 2018 to September 2018, followed by recovery in October 2018.
Source:https://www.moneycontrol.com/news/business/markets/pnb-climbs-3-after-nirav-modis-arrest-in-london-3673241.htmlIf you need more information about the Stock Market:
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