Punjab National Bank (PNB) reported a loan fraud of Rs 2,434 crore linked to former promoters of SREI companies, leading to an initial share price drop. The bank has fully provisioned the amount. Srei group is challenging the fraud classification, noting the matter is subjudice. Other banks also reported fraud related to Srei. The Srei entities, with Rs 32,700 crore debt, were acquired by NARCL in December 2023 after their boards were superseded by the RBI in 2021.