PNB Housing Finance Share Price Tumbles Nearly 8% Post Large Trade
PNB Housing Finance share price fell as much as 7.94% to Rs 905.05 apiece, the lowest level since Oct. 29.
Shares of PNB Housing Finance Ltd. fell 7.94% to Rs 905.05 per share, marking their lowest level since Oct. 29. The decline came after Carlyle Group offloaded 9.51% stake of the company, or 2.47 crore equity shares, in two large block trades.
The shares were exchanged at a price range of Rs 944.45 to Rs 944.15 each, according to data from Cogencis at 9:15 a.m. on the National Stock Exchange.
On Tuesday, PNB Housing Finance announced that Carlyle Group planned to sell shares worth up to $273 million through a block trade at a floor price of Rs 939.3 per share, via its subsidiary Quality Investment Holdings Pcc.
The company has 25.98 crore shares outstanding, with the promoter group holding 28.11% of the equity, and the remaining 71.89% held by public shareholders, according to NSE data.
PNB Housing Finance share price fell as much as 7.94% to Rs 905.05 apiece, the lowest level since Oct. 29. It pared losses to trade 5.62% lower at Rs 927.90 apiece, as of 11:00 a.m. This compares to a 0.58% decline in the NSE Nifty 50 Index.
It has risen 18.84% on a year-to-date basis. Total traded volume so far in the day stood at 19.80 times its 30-day average. The relative strength index was at 44.82.
Out of 12 analysts tracking the company, 10 maintain a 'buy' rating, one recommends a 'hold,' and one suggests 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 27.5%.
