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PNB housing

PNB Housing Finance stock hits 10 per cent upper circuit on Wednesday

Our Bureau New Delhi | Updated on June 03, 2021

Hits 52-week high on top of two back-to-back 20 per cent jumps in last two days

PNB Housing Finance Ltd's (PNBHFL) shares continued with their record upward march in the bourses on Wednesday, locking into the upper circuit (this time 10 per cent) at ₹693.8, up ₹63 over the previous day’s close of ₹630.75.

Today's 10 per cent rise helped the PNBHFL stock hit a 52-week high and came on top of the two back-to-back 20 per cent jumps (upper circuit) in each of the last two days, to close at ₹630.75 on Tuesday at NSE.

The PNBHFL stock has gained 58 per cent when compared to last Friday's close of ₹438.05, on the back of Monday's announcement that the Carlyle Group will be getting a controlling stake in PNBHFL after it pumps in ₹3,185 crore (out of a total capital raise of ₹4,000 crore) via the preferential allotment route.

Brokerages and foreign investment advisory firms have already given a thumbs-up to PNBHFL Board's approval for a preferential issue, as it reduces the overhang on a much awaited equity infusion and/or stake sale.

Published on June 02, 2021

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