February 19, 2018 / 5:08 AM / a month ago

BUZZ-Indian lenders fall as banking fraud impact deepens

** Shares of Indian banks fall as worries intensify about fallout from a $1.77 bln fraud at state-run lender Punjab National Bank (PNB)

** PNB down as much as 5.9 pct after federal police sealed company’s Mumbai branch, state television reported; police also detain two employees of the bank suspected of steering fraudulent loans

** Indian banks could take a hit of more than $3 bln from loans and corporate guarantees to diamond companies, tax department said in note seen by Reuters

** NSE PSU bank index falls as much as 2.4 pct to lowest since Oct. 24

** State-run UCO Bank falls as much as 12.3 pct to lowest since April 2009; company said on Sunday it had $411.82 mln in exposure to fraudulent transactions carried out at PNB

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