February 15, 2018 / 5:44 AM / 3 months ago

India's Axis Bank says has sold transactions guaranteed by PNB

MUMBAI, Feb 15 (Reuters) - India’s Axis Bank said on Thursday that it had dealt in transactions that had been guaranteed with letters of undertaking from Punjab National Bank , but it had since sold those transactions.

PNB, India’s second-largest state-run lender with assets of $120 billion, said in a filing on Wednesday that it had detected fraudulent transactions worth $1.77 billion at a single Mumbai branch.

Shares in PNB, which fell 10 percent on Wednesday, were down more than 5 percent in early trading on Thursday.

Reporting by Swati Bhat Editing by Edwina Gibbs

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