Punjab National Bank extended its losses and tanked more than 9% as investors fear the bank may have to take a one-time write-off for the $1,771.69mn (~Rs11,378.68cr) fraud in Q4FY18.The market capitalization of the bank as on February 12, 2018, was Rs39, 209.62cr. The fraud transaction is close to one-third of the market cap of the bank.The banking secretary commented that the government may order a forensic audit of PNB's accounts, as per the media reports. Also, the bank’s ten employees have been suspended and that CBI has started its investigation in the case.
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