February 15, 2018 / 4:49 AM / 6 days ago

BUZZ-India's Punjab National Bank extends losses after co detects fraud

** Punjab National Bank (PNB) falls as much as 8.6 pct to 133.50 rupees, lowest since Oct 24

** Over 45.5 mln shares change hands by 0445 GMT versus 30-day average volume of 20.55 mln

** Co’s shares fell 10 pct in previous session after it reported detecting fraudulent transactions at a Mumbai branch totalling about $1.77 bln

** PNB also indicated more banks could be hit by the fraud

** Morgan Stanley cuts PT on stock to 195 rupees from 215 rupees with rating ‘overweight’, saying revelation of fraudulent activity is a “substantial negative”

** PNB event “creates uncertainty around outlook that bad loans have peaked. Another risk could be how banks conduct business with each other” - MS analysts

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