PNB shares surge 4% on news of Nirav Modi's arrest in London

Punjab National Bank (PNB) shares rallied nearly 4% on Wednesday following the news of the arrest of fugitive diamantaire Nirav Modi. The 48-year-old, who is accused in the ₹14,000-crore PNB scam, was arrested in London and will be produced in court today. This comes after UK Home Secretary Sajid Javid recently certified India's request to extradite him.