Stocks of Punjab National Bank (PNB) surged to an all-time high mid-way on Wednesday, following sustained buying by foreign institutional investors (FIIs).
On the BSE, the stock vaulted 9.77 per cent to Rs 149.95, off the intra-day high of Rs 154.90. Dealers at a local brokerage house said a US-based fund has been active on the counter for the last few days. The scrip has now risen 292 per cent from Rs 37.50 (at listing) on April 26, 2002.
PNB is in the process of reducing its capital by returning equity to the government. If the capital reduction does take place, PNB