Punjab National Bank fell 0.82% to Rs 84.85 at 9:53 IST on BSE after the bank said that rating agency CARE has downgraded its ratings on the bank's Tier I and upper Tier II bonds to CARE AA+ from earlier rating of CARE AAA.
The announcement was made after market hours yesterday, 30 March 2016.Meanwhile, the S&P BSE Sensex was up 63.34 points or 0.25% at 25,401.92.
On BSE, so far 1.24 lakh shares were traded in the counter as against average daily volume of 8.29 lakh shares in the past two weeks. The stock hit a high of Rs 85.40 and a low of Rs 84.35 so far during the day. The stock had hit a 52-week low of Rs 69.40 on 17 February 2016. The stock had hit a 52-week high of Rs 180.50 on 17 August 2015.
The large-cap state-run bank has equity capital of Rs 392.72 crore. Face value per share is Rs 2.
Punjab National Bank (PNB) said that rating agency CARE has downgraded its ratings on the bank's Tier I and upper Tier II bonds to CARE AA+ from earlier rating of CARE AAA, mainly on account of the impairments in the credit portfolio. PNB said it has not accepted the downward revision by CARE.
PNB's net profit declined 93.4% to Rs 51.01 crore on 7.6% growth in total income to Rs 13891.20 crore in Q3 December 2015 over Q3 December 2014.
The Government of India held 62.08% stake in PNB (as per the shareholding pattern as on 31 December 2015).
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