Shares of PNB fall as Nifty drops

Shares of Punjab National Bank slipped 1.6 per cent to Rs 113.7 in Wednesday’s trade as of 01:34PM (IST). It hit a high of Rs 114.6 and low of Rs 113.0 during the session.

The stock quoted a 52-week high price of Rs 142.9 and a low of Rs 65.51. The return on equity for the stock stood at 8.92 per cent. About 586,663 shares have changed hands on the counter so far.

The stock’s beta value, which measures its volatility in relation to the broader market, stood at 1.78.

The scrip has been an outperformer, up 74.01 per cent in the past one year in comparison with a 24.98 per cent gain in Sensex.

Technicals
On the technical charts, the 200-day moving average (DMA) of the stock stood at Rs 65.51 on September 04, while the 50-DMA was at Rs 118.42. If a stock trades well above 50-DMA and 200-DMA, it usually means the immediate trend is upward. On the other hand, if the stock trades well below 50-DMA and 200-DMA both, it is considered a bearish trend and if trades between these averages, then it suggests the stock can go either way.

Promoter/FII Holding
Promoters held 73.15 per cent stake in Punjab National Bank as of 30-Jun-2024. Mutual funds and foreign institutional investors held 1.91 per cent and 5.51 per cent stake.