Shares of PNB Housing Finance Ltd on Monday jumped as much as 14.1% to Rs 1,224, the biggest ever intraday percentage gain. Photo: Pradeep Gaur/Mint
Mumbai: Shares of PNB Housing Finance Ltd on Monday jumped as much as 14.1% to Rs 1,224, the biggest ever intraday percentage gain, on reports that Housing Development and Finance Corp. Ltd (HDFC) and Kotak Mahindra Bank are eyeing a stake in the home loans firm.
HDFC CEO Keki M. Mistry, however, said his firm is not looking at acquiring controlling stake in PNB Housing Finance. Kotak Mahindra Group spokesman declined to comment, while PNB Housing Finance did not immediately respond to Reuters’ request for comment.
HDFC was trading 0.8% lower and Kotak Mahindra Bank edged up 0.3% on Monday. PNB Housing Finance is down nearly 20% this year as of Friday, compared with a 11.5% gain for larger rival HDFC.