India's banks rattled by $1.8 billion fraud

Shares in Punjab National Bank and other big lenders dropped after it said it detected "fraudulent and unauthorized transactions" at one of its branches.

One of India's biggest banks rattled investors Wednesday by announcing the discovery of $1.8 billion of fraudulent activity at one of its branches. Punjab National Bank's stock sank nearly 10% Wednesday after the company said it "detected some fraudulent and unauthorized transactions" at a branch in Mumbai.