State-run Punjab National Bank (PNB) dropped a bombshell on Wednesday with the disclosure that it has detected some \"fraudulent and unauthorised\" transactions worth Rs 11,300 crore at one of its branches in Mumbai. Watch BusinessToday.in's video to find out what really went wrong with PNB

Though the centre government has begun its crackdown on Nirav Modi and other persons involved in the fraud involving India's second largest public sector bank, there are some questions that remains unanswered.

Sunil Mehta, MD and CEO, PNB, said that the enforcement agencies are initiating measures to seize the assets of the accused. He said without naming the persons that the bank is also exploring the possibility of getting the customers refund the amount.

The stock which slumped 10 percent yesterday, closed 11.97 percent or 17 points lower at 128.35 level today. It was the top BSE loser today and the worst performing stock on the BSE bankex. In the process, the stock touched a new 52-week low of 125.55 level today.

Choksi, Modi's maternal uncle and his mentor in jewellery trade, was named in the FIR filed by PNB earlier this month with the Central Bureau of Intelligence (CBI) for allegedly cheating Rs 280.70 crore.

On Wednesday the country's fourth largest bank lost nearly 10% of its market cap, around Rs 3,800 crore, following news of a 7-year-old, $1.77 billion (over Rs 11,354 crore) fraud at one of its branches in Mumbai.

Union Minister Ravi Shankar Prasad said that the government had seized assets worth Rs 1,300 crore belonging to Nirav Modi besides initiating revocation of his passport.

Billionaire Nirav Modi, who is now being investigated by the CBI for the mega bank fraud, is a luxury diamond jewellery designer who figured in Forbes India's Richest People List 2016 with a net worth of $1.74 billion.

The PNB in its cautionary note to other public and private sector banks said that the suspected fraud was carried out by the perpetrators in collusion with the staff.

The stock opened on a bearish note at Rs 48, then lost further ground to touch a low of Rs 47.20, down 19 per cent over its previous closing price.Similar movement was seen on the NSE as well, where the stock tanked 18.73 per cent to a low of Rs 47.50.

Billionaire Nirav Modi, who is now being investigated by the CBI for the mega bank fraud, is a luxury diamond jewellery designer who figured in Forbes India's Richest People List 2016 with a net worth of $1.74 billion.