Canindia News

PNB stocks surge over 4% after Nirav Modi’s arrest

Mumbai, March 20 (IANS) The Punjab National Bank (PNB) stock surged over 4 per cent on Wednesday following the arrest in the UK of Nirav Modi, who is accused in the Rs 13,500- crore PNB fraud case reported last year.

After rising over 4 per cent in afternoon trade, the PNB stock closed on Wednesday at Rs 93.55 share, up Rs 3.05, or by 3.37 per cent, over its previous close on the BSE.

Official sources said the fugitive diamantaire was arrested in London more than a year after he fled India. UK Police made the arrest seven days after the London Westminster Court issued an arrest warrant against Modi.

The Interpol had issued a Red Corner Notice against Nirav Modi in July 2018 at the request of the Enforcement Directorate (ED) and the Central Bureau of Investigation.

–IANS

ravi/bc

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