PNB ends below offer price on debut

DALAL STREET SPIKES

Punjab National Bank (PNB) stock ended below its open offer price of Rs 390 on selling pressure across the board.

The shares allotted in its recent public issue were admitted for trading on the bourses on Tuesday. Market sources said, broad weakness in the market also weighed on the counter.

The stock after hitting an intra-day high of Rs 407 slipped to close at Rs 387.90, down 4.3 per cent from its previous close. More than 29.8 lakh shares were traded at this counter on BSE alone.

Of the 8 crore PNB shares allotted in the public issue, 1.57 crore shares were allotted to FIIs and 2.29 lakh shares were allotted to NRIs.

The post-issue holding of FIIs & NRIs is 18.66 per cent. Profit booking at higher levels has dragged the stock from its 52-week high of Rs 509.40 to Tuesday's close of Rs 387.90.