PNB Gains As RBI Lifts Curbs On Share Purchase By Foreign Investors
Punjab National Bank's shares rose as much as 4 per cent to touch day's high of Rs 122.45 after the Reserve Bank of India lifted the seven-year-old ban on fresh purchase of shares of the bank by foreign investors.
The RBI on Friday notified that the aggregate shareholding in Punjab National Bank by foreign investors, non-resident indians and others under portfolio investment scheme has gone below the prescribed threshold caution limit stipulated under the present FDI policy.
Therefore the restrictions have been withdrawn with immediate effect, the RBI said.
Punjab National Bank posted the largest quarterly loss by any public sector lender at Rs. 5,367 crore in the fourth quarter ended March 31, 2016.
Shares of Punjab National Bank ended at Rs 127, up 8 per cent, outperforming the broad market indicator Sensex which closed 1.84 per cent higher.
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