Stocks

PNB Housing Finance slips after promoter's stake sale falls through

Reuters May 17 | Updated on May 17, 2019 Published on May 17, 2019

Shares of PNB Housing Finance Ltd (PNBHFL) fell as much as 5.5 per cent to Rs 716.95, their worst intra-day percent loss since April 30.

Promoter Punjab National Bank Ltd's agreement with General Atlantic Group to sell part of PNBHFL for Rs 926 crore ($131.92 million) was terminated on Thursday.

Failure to receive regulatory approvals was cited as a reason for termination. Punjab National Bank is to continue as sole promoter of PNBH.

The Punjab National Bank stock fell 0.3 per cent.

PNBHFL is down 17.8 per cent this year as of last close, while its promoter's stock gained 3.7 per cent.

Published on May 17, 2019
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