PNB surges 8% to hit 21-month high on govt's nod to divest stake in UTI AMC

PNB received the government's approval to divest its entire stake in UTI Asset Management Company (AMC) as part of its non-core asset sale plan and shore up its capital base.

Shares of Punjab National Bank  surged 8 per cent to hit a 21-month high of Rs 54.90 per share in Friday’s intra-day trade after the state-owned lender received the government’s approval to divest its entire stake in UTI Asset Management Company (AMC). The stock traded at its highest level since February 2020.

Meanwhile, shares of UTI AMC rallied 7 per cent to Rs 740 apiece, as against 0.14 per cent drop in the S&P BSE Sensex to 61,188 levels at 09:57 am.

 “The Exchange is hereby informed that the Bank has received approval of DIPAM, Ministry of Finance,