Punjab National Bank slips after rating downgrade

Punjab National Bank was down 0.46% to Rs 74.95 at 10:59 IST on the BSE after India Ratings downgraded Basel III Compliant Tier I Bonds ratings of the bank to IND A/Negative from IND A+/Negative.

The announcement was made after market hours yesterday, 18 June 2019.

Meanwhile, the S&P BSE Sensex was up by 301.82 points, or 0.77% to 39,348.16.

On the BSE, 5.08 lakh shares were traded in the counter so far compared with average daily volumes of 20.85 lakh shares in the past two weeks. The stock had hit a high of Rs 76.15 and a low of Rs 74.80 so far during the day. It hit a 52-week high of Rs 99.90 on 1 April 2019 and a 52-week low of Rs 58.65 on 28 September 2018.

 

Punjab National Bank (PNB), a public sector bank, reported a net loss of Rs 4749.64 crore in Q4 March 2019 over a net loss of Rs 13416.91 crore in Q4 March 2018. Total income rose 13.7% to Rs 14725.13 crore during the period under review.

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