Shares of PNB Housing Finance Ltd. tumbled to two-week low on Wednesday after two large trades. Buyers and sellers involved in the were not known immediately.
At least 26.65 crore shares, or nearly 1.03% equity, changed hands in two bunch trades in a price range of Rs 727-729 per share. This was at a discount of 7.56% to 7.81% against Tuesday's closing price. The total value of the two block deals was Rs 193.8 crore, according to date available on Bloomberg.
NDTV Profit reported on Tuesday that Asia Opportunities V (Mauritius) Ltd. and General Atlantic Singapore Fund FII Pte. are looking to sell their stake worth Rs 500 crore in PNB Housing Finance via block deals.
The foreign funds are looking to offload 1.3% stake each, leading to a combined 2.68% stake sale in PNB Housing Finance, according to a term sheet reviewed by NDTV Profit.
As of March 2024, Asia Opportunities V (Mauritius) held 9.88% stake in the housing finance company and General Atlantic Singapore Fund held 9.82%.
Shares of the company declined 8.10% to Rs 724.00, the lowest level since May 14. It pared losses to trade 6% lower at Rs 740.60 as of 10:04 a.m., compared to 0.43% decline in the NSE Nifty 50 index.
The stock gained 53.13% in 12 months, but declined 5.57% on year to date basis. Total traded volume so far in the day stood at 617 times its 30-day average. The relative strength index was at 44.05.
Out of 12 analysts tracking the company, 10 maintain a 'buy' rating and two suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 26.3%.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
