Moody's downgrades PNB on the impact of Nirav Modi fraud

International rating agency Moody's on Monday said it has downgraded state-run Punjab National Bank's (PNB) rating to Ba1/NP from Baa3/P-3, due to impact on the lender's profitability following Nirav Modi-fraud case.

Moody's downgrades PNB on the impact of Nirav
PNB's total exposure to fraud transactions amounts to Rs 14,400 crore. Image source: Reuters

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