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India shares fall to two-month low amid concerns over impact of bank fraud

Punjab National Bank slumps more, other state-run lenders too decline

MUMBAI (NewsRise) -- Indian shares tumbled to a two-month low on Monday, led by state-owned lenders, as sentiment continued to be marred by last week's revelation of a fraud at Punjab National Bank.

The BSE Sensex declined 0.7% to 33,774.66 and the Nifty 50 Index fell 0.7% to 10,378.40, their lowest levels since Dec. 21 and Dec. 15, respectively. Nifty's state-run bank index dropped 2.5%, adding to its prior week's loss of more than 8%. The index has lost about 11% over four trading sessions through Monday following PNB's disclosure that it had detected a $1.8 billion fraud, perpetrated with the help of its staffers.

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