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PNB Housing Finance shares declined 10 per cent in the previous session, hitting the lower circuit on both NSE and BSE, even as broader markets traded higher. The fall followed the company's December-quarter results, which failed to meet investor expectations. The housing finance company reported an almost 8 per cent rise in net profit to INR 520.35 crore, supported by higher interest income of INR 2,019.39 crore. However, concerns around performance outlook and market expectations weighed on investor sentiment.
Shares of PNB Housing Finance saw a sharp decline in the previous trading session, falling 10 per cent on both key stock exchanges after the company's December-quarter performance did not meet market expectations. The stock hit its lower circuit, closing at INR 837.50 on the NSE and INR 838.35 on the BSE. Advertisement
The fall came even as broader equity markets were trading in positive territory. The BSE Sensex was up over 125 points, while the NSE Nifty gained nearly 79 points during mid-session trade, reflecting overall market strength despite the stock-specific decline.
Investor sentiment around PNB Housing Finance weakened after the company reported its financial results for the December quarter. The housing finance company posted a net profit of INR 520.35 crore, marking an increase of nearly 8 per cent compared to INR 483.3 crore reported in the same quarter of the previous financial year.
Interest income for the quarter also showed growth, rising to INR 2,019.39 crore from INR 1,848 crore a year earlier. The increase indicated steady loan book expansion during the period. PNB Housing Finance, which is promoted by Punjab National Bank, has continued to focus on retail and affordable housing loans amid a competitive lending environment.
Despite the improvement in profit and income figures, market participants appeared concerned about valuation expectations and future growth visibility, leading to heavy selling pressure on the stock.
Source PTI
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