February 15, 2018 / 5:45 AM / 5 days ago

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.

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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