February 15, 2018 / 5:45 AM / in 3 months

Axis Bank says has sold transactions guaranteed by PNB

MUMBAI (Reuters) - 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.

A customer enters a branch of Axis Bank in Mumbai, India, January 22, 2018. REUTERS/Danish Siddiqui/Files

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 BhatEditing by Edwina Gibbs

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