PNB shares crash over 8% on disappointing Q1 show; wipe out Rs 2,014.65 crore from market valuation

New Delhi: Shares of Punjab National Bank (PNB) tumbled over 8 percent on Tuesday, wiping out Rs 2,014.65 crore from its market valuation, after the company reported a net loss of Rs 940 crore in the June 2018 quarter. PNB stock dropped 8.10 percent to settle at Rs 82.85 on the BSE. Intra-day, shares slumped 8.59 percent to Rs 82.40. [caption id=“attachment_4470733” align=“alignleft” width=“380”] Representational image. AFP[/caption] On the NSE, shares of the company tanked 7.99 percent to close at Rs 82.85. The company’s market valuation fell by Rs 2,014.65 crore to Rs 22,871.35 crore. In terms of equity volume, 116 lakh shares of the company were traded on BSE and over 13 crore shares changed hands on the NSE during the day. The state-owned bank had earned a profit of Rs 343.40 crore in the year-ago period. Despite second consecutive quarter loss, the total income of the bank rose to Rs 15,072 crore in the June quarter of 2018-19 from Rs 14,468.14 crore a year ago. PNB also reported deterioration in its bad assets, with gross non-performing assets (NPAs) rising to 18.26 percent of advances as on June 30, 2018 as against 13.66 percent in the same quarter a year ago. Net NPAs rose to 10.58 percent against 8.67 percent in the year-ago period.