PNB shares tank over 7% post disappointing Q2 numbers

The company’s market valuation also fell by Rs 1,598.02 crore to Rs 21,222.98 crore on BSE. (PTI)

Shares of Punjab National Bank Friday slumped over 7 per cent after the company posted a staggering loss of Rs 4,532.35 crore for the second quarter ended September 2018 on rising bad loans. The scrip tanked 7 per cent to close at Rs 69.05 on BSE. Intra-day, it dived 8.35 per cent to Rs 68.05. At NSE, shares of the company dropped 7.20 per cent to end at Rs 68.95. The company’s market valuation also fell by Rs 1,598.02 crore to Rs 21,222.98 crore on BSE.

In terms of equity volume, 91.75 lakh shares of the company were traded on BSE and over 9 crore shares changed hands at NSE during the day. The state-owned bank had a net profit of Rs 561 crore in the July-September quarter of 2017-18. Its total income during the September quarter of 2018-19 declined to Rs 14,035.88 crore as against Rs 14,205.31 crore in the year-ago period, PNB said in a BSE filing.

The bank’s gross non-performing assets (NPAs) as a proportion of gross advances rose sharply to 17.16 per cent (Rs 81,250.83 crore) at the end of September 2018, from 13.31 per cent (Rs 57,630.11 crore) a year ago.