Punjab National Bank’s shares jump 4 pct on announcement of Nirav Modi’s arrest

The price of Punjab National Bank's (PNB) shares jumped by 4 percent after the announcement of Nirav Modi's arrest in London on Wednesday, March 20. The arrest warrant was issued against the fugitive by the Westminster Magistrate's Court.

The PNB stock price that was hovering at 89.75 INR at 2:30 pm suddenly jumped up to 94.15 INR within just 20 minutes after the Indian media made a blitz of Nirav Modi's arrest in London. Later, the scrip closed at 93.55 INR, up 3.37 percent on BSE.

On the other hand, Enforcement Directorate (ED) has already received permission from PLMA court in Mumbai to sell his 173 paintings and auction 11 cars.

Also Read: Nirav Modi: Enforcement Directorate gets permission to sell 173 paintings, auction 11 cars