PNB tumbles nearly 5% in two days

Punjab National Bank (PNB) fell 1.38% to Rs 28.65, extending losses for second consecutive session.

The stock has declined 4.98% in two days while the benchmark S&P BSE Sensex gained 0.24% during the same period.

Currently, the stock is trading 58.83% below its 52-week high of Rs 69.60 hit on 4 November 2019. It has gained 8.93% from its 52-week low of 26.30 recorded on 20 May 2020.

Meanwhile, the media reported that the Reserve Bank of India (RBI) have told PNB to get ready to take over Lakshmi Vilas Bank (LVB) in case the beleaguered lender's proposed transaction with Clix Capital does not materialise. Apart from PNB, another public sector bank has been asked to look into the books of LVB.

Following the media reports, PNB clarified to the bourses today (30 September) that it has not received any such instruction from RBI and the above reported news is incorrect.

PNB is a public sector bank. The Government of India held 85.59% stake in the bank as on 30 June 2020.

The bank'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.

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