Indian banks lose $11 billion market value since PNB fraud

Listed Indian banks have lost nearly $11 billion in market capitalisation after the $1.77-billion fraud at PNB came to light. Stocks of state-owned banks continued to decline after more lenders reported exposure to the fraud. UCO Bank said it has an exposure of $411 million while SBI and Allahabad Bank disclosed exposure of $212 million and $366 million, respectively.