Punjab National Bank fell 2.42% to Rs 141.30 at 14:09 IST on BSE on reports that a foreign brokerage has reiterated its 'underweight' stance on the stock.
Meanwhile, the BSE Sensex was down 104.44 points, or 0.37%, to 28,358.87
On BSE, so far 4.06 lakh shares were traded in the counter, compared with an average volume of 6.78 lakh shares in the past one quarter.
The stock hit a high of Rs 145.15 and low of Rs 140.30 so far during the day. The stock hit a 52-week high of Rs 231.50 on 19 December 2014. The stock hit a 52-week low of Rs 129.65 on 16 June 2015.
The large-cap bank has an equity capital of Rs 370.91 crore. Face value per share is Rs 2.
The foreign brokerage reportedly said that elevated credit costs of PNB will likely keep re-rating at bay and reverting back to historical high profitability would be very difficult. The brokerage further added that given the weakness in PNB's balance sheet, one should expect further cuts.
Punjab National Bank's (PNB) net profit fell 62% to Rs 306.56 crore on 7.7% increase in total income to Rs 13455.65 crore in Q4 March 2015 over Q4 March 2014.
Government of India holds 59.86% stake in PNB (as on 30 June 2015).
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