PNB Housing Finance gains 12% despite claiming to be unaware of HDFC, Kotak Mahindra buying stake
Updated : June 25, 2018 02:34 PM IST
The Punjab National Bank Housing Finance surged more than 13 percent in intraday trade on Monday.
The stock surged after reports claimed that two of the top financials - HDFC and Kotak Mahindra Bank - are eyeing to grab a controlling stake in the company.
The stock, however, corrected itself to an 11 percent gain, falling by two percent as of 11:19 am, after the chief executive officer of HDFC denied the report and told Reuters that HDFC is not looking at a controlling stake in the company. Kotak Mahindra is yet to comment on this development.