Thursday, 3 September 2015

PNB Slumps Nearly 1% On Fitch Downgrade

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 Shares of Punjab National Bank (PNB) fell nearly 1 per cent on Bombay Stock Exchange (BSE) after ratings agency Fitch downgraded viability rating of the state-owned lender by a notch. The global agency said PNB's Viability Rating (VR), which measures intrinsic creditworthiness, has been downgraded by one notch to 'bb' to reflect the growing risk to the bank's capital position from its mounting stock of stressed assets, which has risen at a faster rate than its capital replenishment.

Reacting to the news, shares of the company dropped 0.78 per cent to Rs 133.75 a piece on BSE. In a similar trend, shares of the company dipped 0.52 per cent to Rs 134.10 a piece on National Stock Exchange. Meanwhile, the broader benchmark BSE Sensex was trading at 25,783.08, up 86.64 points, or 0.34 per cent at 11.08 hours.

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