PNB Housing hits new high; stock zooms 100% against IPO price

The stock hit high of Rs 1,559, more than doubled against its issue price of Rs 775 per share.

PNB Housing Finance  rallied 6% to Rs 1,559, extending its previous day’s 6% surge on the BSE, after the Reserve Bank of India (RBI) lowered risk weights assigned to home loans lent on or after June 7.

The stock is trading at its highest level since its listing on November 7, 2016. It has more than doubled against its initial public offer (IPO) price of Rs 775 per share.

PNB Housing Finance, promoted by Punjab National Bank, had raised Rs 3,000 crore through IPO. The issue was oversubscribed 29.55 times at a price band of Rs 750-775 per