Stocks

PNB Housing Finance shares tumble 4%

BL Internet Desk | Updated on December 09, 2019 Published on December 09, 2019

Shares of PNB Housing Finance tumbled over 4 per cent today due to sell-off after recent rally. On November 07 this year, the stock touched a high of Rs 599 and fell steaditly thereafter.

On the NSE, volumes traded were higher around 3.67 lakh shares at 10.45 am today.

In November, PNB Housing Finance said that LIC has invested Rs 2,500 crore in the company by subscribing to its secured redeemable non-convertible debentures (NCDs). This issuance is through private placement basis with a door-to-door tenure of 10 years, and the proceeds will be utilised by the company for its normal course of business operations, the company said.

It may be recalled that PNB Housing Finance reported a 45 per cent increase in net profit for the second quarter ended September 30, 2019 at Rs 367 crore (Rs 253 crore).

Net interest income for the quarter increased 36 per cent to Rs 628 crore (Rs 463 crore).

Published on December 09, 2019
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