Shares of PNB Housing Finance Ltd crashed nearly 18% on the record date of rights issue today. PNB Housing Finance shares, which closed at Rs 540.90 on NSE in the last session, plunged to an intraday low of Rs 445.15 on NSE. The stock opened lower at Rs 447.05 on NSE. Later, the stock recovered 7.02% to hit the dayтАЩs high of Rs 476.40. Market cap of the firm stood at Rs 12,139 crore.
At 10:30 am, the PNB Housing Finance stock was trading at Rs 467.75, 4.41% higher to the previous close on NSE.
The opening date of PNB Housing Finance rights issue has been fixed on April 13, 2023 The issue will close on April 27, 2023. The subsidiary firm of the state-owned lender Punjab National Bank (PNB) has declared PNB Housing Finance rights issue price at Rs 275 apiece.
Analysts said profit-booking is taking place on the record date since the issue has been offered at a deep discount.
Under the issue, PNB Housing Finance rights issue, 29 rights equity share(s) are being offered for every 54 fully paid-up equity shares held on record date i.e. 5th April 2023.
PNB Housing Finance aims to issue 90,681,828 PNB Housing Finance shares in this issue worth Rs 2,493.76 crore. The issue is proposed to be listed on both NSE and BSE and date of listing is expected on May 17, 2023.
On BSE, the stock touched an intraday low of Rs 446.5, down 17.6% against the previous close of Rs 448.60.The stock has fallen after two days of consecutive gain.
In terms of technicals, the relative strength index (RSI) of PNB Housing Finance stock stands at 52.2, signaling it’s trading neither in overbought nor in the oversold zone. PNB Housing Finance shares have a beta of 1.4, indicating very high volatility in a year. Shares of Bajaj Finance were trading higher than 200 day moving averages but lower than 5 day, 20 day, 50 day and 100 day moving averages.
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