Mubasher: Punjab National Bank (PNB) on Thursday reported massive fraudulent transactions worth $1.77 billion at its Mumbai branch.

The fraud, which was made “for the benefit of a select few account holders with their apparent connivance", accounted for a third of the value of India’s second largest state-run bank.

"Based on these transactions other banks appear to have advanced money to these customers abroad," PNB stated.

The bank’s stock closed Thursday 12.89% lower at INR 127.05.