February 16, 2018 / 4:12 AM / 6 months ago

India's Punjab National Bank shares slide for third day

MUMBAI, Feb 16 (Reuters) - India’s Punjab National Bank fell as much as 3.8 percent on Friday, sliding for a third consecutive session as the country’s second-biggest state-run lender continued to reel after saying it had been hit with a $1.77 billion fraud.

Local media reported on Friday that the Reserve Bank of India has directed Punjab National Bank to pay the entire 113 billion rupees ($1.77 billion) owed to counterparty lenders, citing bankers aware of the development.

PNB shares were down 1.75 percent by 0402 GMT after sliding 20 percent over the previous two sessions. ($1 = 63.8375 Indian rupees) (Reporting by Rafael Nam; Editing by Swati Bhat)

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