PNB Stock History in 2016 and 2017
PNB share price at the beginning of 2016 was close to Rs.100 on NSE and BSE. By the month end, the PNB stock price had fallen below Rs.100. When Q3 FY16 results were declared in early February, the share price took added hit owing to a torpid performance. Things became worse when the financial entity declared its plan to sell bad loans worth Rs.3,000 crore to some asset reconstruction companies in the fourth quarter of FY-2016. This led to PNB stocks drop down close to Rs.70.
- At the beginning of March, the bank announced a change in directorate which didn't help much in boosting investors confidence. Over the month, the share price remained close to Rs.85. In April, the lender transited to the marginal cost of fund based lending system, and the stock price was slowly moving towards Rs.90 after multiple updates and revision in ratings.
- However, NSE and BSE failed to make up for this rise which was driven by a poor performance in March quarter, as stated in the Q4 FY16 results and the annual financial report for the company for the financial year. In the late May, the stocks were being purchased at less than Rs.75.
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