PNB Housing shares surge over 14%; market cap rises by Rs 2,637 cr

New Delhi: Shares of PNB Housing Finance surged over 14 percent on Monday amid reports that HDFC and Kotak Mahindra Bank are eyeing controlling stake in the company.

The stock soared 14.19 percent to close at Rs 1,223.35 on BSE. During the day, it zoomed 15.73 percent to Rs 1,239.95.

At NSE, shares of the company advanced by 13.89 percent to close at Rs 1,221.55.

The company's market valuation went up by Rs 2,637 crore to Rs 20,484 crore.

Representational image. Reuters

Representational image. Reuters.

Earlier in the day, BSE had sought clarification from PNB Housing Finance with reference to the news.

In a clarification, the company later said, "we would like to state that the company is not aware of any such negotiations.

We would like to state that the company does not have any information on the news item published today."

"We would like to state that the company or its officials are not aware of any such information, which could explain the upward movement in the stock price or trading," the filing added.

Meanwhile, BSE had also sought clarification from Housing Development Finance Corporation (HDFC) on Monday on the same news.

In a filing to BSE, HDFC oon Monday said: "We would like to inform that the Corporation had no meeting with the management of PNB Housing Finance and is not looking to acquire any stake in PNB Housing Finance. The news item is factually incorrect."

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Updated Date: Jun 25, 2018 19:59:29 IST

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