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Punjab & Sind Bank drops 6% after reporting Bhushan Power & Steel fraud.

Punjab & Sind Bank shares fell 6 percent intraday on July 18 after reporting fraud by Bhushan Power & Steel to Reserve Bank of India.

“On the basis of Forensic Audit Investigation findings and CBI filing FIR, on suo moto basis, against BhushanPower & Steel and its directors, alleging diversion of funds from the banking system, a fraud of Rs 238.30 crore is being reported by the bank to RBI,” the lender said in its BSE filing.

In the accounts of the company (BPSL), Bank has already made provisions amounting to Rs 189.35 crore, as per prescribed prudential norms, it added.

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