Punjab National Bank rose 1.32% to Rs 989.75 at 10:17 IST on BSE after the bank said its board approved 5-for-1 stock split.
Meanwhile, the BSE Sensex was down 105.13 points, or 0.39%, to 26,985.29.
On BSE, so far 29,000 shares were traded in the counter, compared with an average volume of 1.12 lakh shares in the past one quarter.
The stock hit a high of Rs 991.80 and a low of Rs 976.50 so far during the day. The stock hit a 52-week high of Rs 1,068 on 26 May 2014. The stock hit a 52-week low of Rs 458.20 on 1 October 2013.
The stock had outperformed the market over the past one month till 19 September 2014, rising 4.28% compared with 2.53% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 0.89% as against Sensex's 7.49% rise.
The large-cap company has an equity capital of Rs 362.07 crore. Face value per share is Rs 10.
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The board of Punjab National Bank approved splitting each equity shares of face value Rs 10 each into five equity shares of face value of Rs 2 each.
The board also approved exploring avenues for raising capital through qualified institutional placement (QIP)/follow-on public offer (FPO)/rights issue.
Further, the board considered raising Basel III compliant additional Tier-I capital bonds.
Punjab National Bank's net profit rose 10.2% to Rs 1405.12 crore on 9.2% rise in total income to Rs 12825.13 crore in Q1 June 2014 over Q1 June 2013.
Government of India holds 58.87% in the bank as at 30 June 2014.
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