WATCH THIS: Punjab National Bank's (PNB's) stock price jumps 4% in 20 minutes on news of Nirav Modi's arrest in London

Shares of the Punjab National Bank (PNB) soared on Wednesday afternoon as news of fugitive diamantaire Nirav Modi being arrested on London broke in India.

The PNB stock price, which had been hovering at Rs 89.75 at 2:50 pm, shot up to 93.60 within a matter of just 20 minutes - close to the highest it's been for the last six months.

It had been state-owned PNB that had been defrauded by Nirav Modi and Mehul Choksi in the Rs 11,400 crore (initial pegged amount) Letter of Undertaking (LoU) scam wherein the a compromised branch of the bank had been used to issue LoUs by which Nirav Modi managed to secure numerous loans from overseas branches of Indian banks. The LoUs had allegedly not been flagged internally as the bank's software for overseas banking and core banking hadn't been reconciled.

Here's how the PNB scrip has swung upwards after news of Nirav Modi's arrest, as per Google:

Nirav Modi's arrest comes just two days after a UK court issued an arrest warrant against him and weeks after he was spotted on London streets on a walkabout. Nirav Modi had remained brazen during his walkabout, refusing to comment when confronted by reporters about defrauding Indians.

His arrest comes 17 months after he fled India before the scam came to light.

The Enforcement Directorate has confirmed Nirav Modi's arrest, as has the London Police:

"Nirav Deepak Modi, 48 (Date of Birth 24.02.71), was arrested on behalf of the Indian Authorities on Tuesday, 19 March, in Holborn. He will appear in custody at Westminster Magistrates' Court on Wednesday, 20 March," the UK police statement said.

READ | BIG Diplomatic Win For India: Nirav Modi Arrested In London; To Be Produced At The Westminster Court