NSE Nifty opened negative and witnessed sustained selling pressure throughout the session. The index drifted sharply towards the 10,770-level in the latter part of the day and formed a-strong-bearish candle on daily scale, as it closed with a loss of over 200-points. Nifty-Bank continued its formation of lower-highs and lower-lows from the past four trading sessions and corrected nearly 600-points to close below 27,000.

The beleaguered public sector Punjab National Bank (PNB) has admitted to 1,142 big and small defaulters all over India who have defaulted a stupendous Rs.25,090.3 crore. Of these 1,142, the PNB has so far initiated recovery proceedings by filing suits against 1,108 defaulters to recover Rs.23,879.8 crore. However, no suits have been filed against the remaining 34 defaulters who owe the bank Rs.1,210.5 crore.

Delhi court has summoned as accused 11 top-officials of PNB, including former and current executive officials and current managing director, for alleged violation of banking regulations and criminal conspiracy. The RBI has further alleged that accused willfully and deliberately made false statements in the compliance report despite being aware of the risks. In its complaint, the RBI has alleged non-compliance of its 2016 order.