Street signs: PNB Housing closes gap with PNB, BSE shares fall, and more

The bank manager refused to sanction the loan unless more loan-worthy collateral was given

The plunge in share prices of Punjab National Bank (PNB) following the Rs 127-billion fraud has narrowed the market capitalisation gap between the lender and its housing finance arm. Currently, PNB Housing, in which PNB owns 33 per cent stake, is valued at Rs 201 billion. On the other hand, PNB is valued at Rs 245 billion. Interestingly, the value of PNB’s holdings in its two listed arms – PNB Housing and PNB Gilts – is Rs 72 billion, which is 30 per cent of the state-owned lender’s market capitalisation.

Pavan Burugula

Close shave with jewellery firm loan

The valuation of a diamond