Punjab National Bank (PNB) declined 2.28% to 29.95 after Kazakhstan's financial regulator revoked the license of Tengri Bank, a local lender in which PNB is the biggest shareholder.
The financial regulator of Kazakhstan has revoked the license of Tengri Bank on account of failure to observe prudential standards and other mandatory norms and limits. PNB holds 41.64% stake in the lender.Shares of PNB have lost 10.7% in four trading days from its recent closing high of Rs 33.55 on 16 September 2020.
PNB is up 13.88% from its 52-week high of Rs 26.30 posted on 20 May 2020. The stock is 132% away from its 52-week high of Rs 69.6 on 4 November 2019.
PNB's standalone net profit tanked 69.7% to Rs 308.45 crore on a 60.2% surge in total income to Rs 24,292.80 crore in Q1 June 2020 over Q1 June 2019.
PNB is a public sector bank. The Government of India held 85.59% stake in the bank as on 30 June 2020.
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