Nifty Bank Top Gainer: Here’s Why PNB Hits New High, Defies Market Mood

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Nifty Bank Top Gainer: Here’s Why PNB Hits New High, Defies Market Mood
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Shares of the state-owned lending major Punjab National Bank (NS: PNBK ) jumped 7% to Rs 54.3 apiece after zooming 9.4% on Friday and hitting a new 52-week high of Rs 55.65 apiece.

The public sector banking stock surged after it informed the bourses of receiving the finance ministry’s approval on divesting its entire stake held in the mutual fund company UTI Asset Management Company.

In an exchange filing on Thursday, PNB announced that it has received the green light from DIPAM, the Ministry of Finance, Government of India for divestment of its entire or partial stake in UTI AMC through single or multiple tranches. The approval is subject to compliance with SEBI regulations or other applicable regulatory guidelines.

Currently, Punjab National Bank holds a 15.22% stake in the mutual fund company and is willing to sell its stake for the realisation of gains on investment. The timeline for the divestment process is yet to be finalized, stated the lender.

The public sector banking major defied the market mood on Friday, as benchmark indices Nifty50 and Sensex traded slightly lower.

PNB was the top performing/gainer stock on the key sectoral index Nifty Bank as well as on the Nifty PSU Bank .

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