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PNB Shares Recover After Fall After It Reported Rs 2,434 Crore Loan Fraud
Mumbai: Shares of state-owned lender Punjab National Bank on Monday recovered after an earlier fall, after it reported a loan fraud of Rs 2,434 crore last week, allegedly committed by former promoters of SREI Equipment Finance Ltd (SEFL) and SREI Infrastructure Finance Ltd (SIFL).
PNB’s shares had fallen as much as 3.1 per cent to Rs 116.6 apiece earlier in the day, but were trading at Rs 120.55, up 0.15 per cent at 11:44 am.
The PSU lender reported the loan fraud of Rs 2,434 crore to the Reserve Bank of India, alleging in a regulatory filing that the erstwhile promoters of SREI Equipment Finance Ltd and SREI Infrastructure Finance Ltd committed frauds of Rs 1,240.94 crore and Rs 1,193 crore, respectively.
The bank has made 100 per cent provisions against the entire outstanding amount, the filing added. The RBI, in October 2021, superseded the boards of SIFL and its wholly-owned subsidiary SEFL.
However, Srei group has challenged the forensic audit report as the basis for the fraud classification, noting the matter is subjudice.
Other banks such as Punjab &Sind Bank, Bank of Baroda, and Union Bank of India have also earlier declared a loan fraud in connection with Srei companies.
SEFL and SIFL, which carried combined financial debt of about Rs 32,700 crore, went through resolution under the Insolvency and Bankruptcy Code and were acquired by National Asset Reconstruction Company Ltd in December 2023.
The PSU’s shares showed robust performance across YTD, 1‑year, 3‑year and 5‑year horizons up 17.43 per cent, 18.84 per cent, 117.60 per cent and 263 per cent respectively, despite a decline of 3.17 per cent in one month.
PNB reported a 14 per cent rise in standalone net profit to Rs 4,904 crore for the September quarter of FY26 up from Rs 4,303 crore a year earlier.
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SEBI proposes stricter base price and band rules for gold, silver ETFs, including cooling-off periods after sharp global price swings to curb volatility.
Amid Global Commodity Volatility, SEBI Plans New Price Band Rules for Gold, Silver ETFs
The market regulator has sought to curb extreme volatility in gold and silver Exchange Traded Funds (ETFs) by proposing changes to the base price and price band framework. Currently, there are no separate price bands for ETFs aligned with their underlying assets, making them vulnerable to sharp price movements.
The proposal comes after sharp volatility in gold and silver ETFs triggered by fluctuations in global commodity prices. On some days, these ETFs fell by over 15%, while on others, they recorded sharp gains.
Stock exchanges currently apply a fixed price band of plus or minus 20% on the base price of ETFs, except for Overnight ETFs investing only in TREPs, which have a price band of plus or minus 5%.
Moreover, the base price for applying price bands to ETFs is taken as the T-2 day closing Net Asset Value (NAV) by exchanges, instead of the T-1 day closing NAV or price, as is the case with indices and individual stocks. This creates a challenge, as the closing NAV of ETFs typically differs between T-1 and T-2 days. Corporate actions such as bonuses and dividends are adjusted manually, increasing the risk of errors.
What Are the Key Proposals?
SEBI has proposed that the base price be determined using either the closing price of the ETF on T-1 day (weighted average price of the last 30 minutes), the closing NAV of T-1 day, or the average indicative NAV (iNAV) of the last 30 minutes of T-1 day.
Further, the regulator has proposed an initial price band of plus or minus 10% for equity and debt ETFs, which can be flexed up to plus or minus 20%. A cooling-off period of 15 minutes will apply, and up to two flexes will be allowed in a day.
For gold and silver ETFs, the regulator has proposed an initial price band of plus or minus 6%, which can be flexed up to plus or minus 20%. This will also include a 15-minute cooling-off period.
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February 14, 2026, 16:08 IST
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Oil and Gas Regulatory Authority (OGRA) forwarded a summary to the federal government suggesting an increase of Rs4.39 per liter in petrol price for the next fortnight.
After approval from the federal government, one liter of petrol will be sold at Rs257.56 instead of Rs253.17 per liter.
The price of high-speed diesel (HSD) will be increased by Rs5.40 per liter.
After approval, the price of one liter of high-speed diesel will increase by Rs268.38 to Rs273.78.
The proposal to increase the price of kerosene by Rs4 per liter is also on the cards.
The OGRA also recommended increasing the price of one liter of light diesel by Rs6.55.
The new prices of petroleum products will be effective from February 16, 2026.
Due to tension between the USA and Iran, petroleum prices are likely to increase further.
The group, based in Solihull and Wolverhampton, says its vet bills are costing them more.
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