Why is PNB near its 8-month low after slipping 7% in 2 days? Details here

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Why is PNB near its 8-month low after slipping 7% in 2 days? Details here - Business Standard

Quick Summary:

PNB shares have slipped after it announced Rs 109.16 per share as the floor price for the QIP, launched on September 23, that aims to raise Rs 7,500 crore.

At 12:17 PM, PNB was trading 3 per cent lower at Rs 104.85, below the floor price it has set for the QIP.

The bank intends to utilise the net proceeds from the QIP to augment its Tier-I capital base, which will help it meet its future capital requirements, along with supporting its growth plans and enhancing its business.