PNB Housing hits 52-week low after chairman’s resignation

Shares of PNB Housing Finance touched the 52-week low of Rs 556.70, falling 4.6 percent intraday on October 1 after the resignation of the company chairman.

Sunil Mehta, the chairman and non-executive director of the company, has resigned from the board of the company, with effect from September 30, on completion of his tenure as the MD and CEO of Punjab National Bank, as per the BSE release.

CRISIL has assigned ‘CRISIL A1+’ rating on the short term non-convertible debentures aggregating Rs 500 crore of the company.

The rating of ‘CRISIL A1+’ indicates very strong degree of safety with regards to timely payment of financial obligations.

At 10:10 hrs, PNB Housing Finance was quoting at Rs 559.75, down Rs 23.35, or 4 percent on the BSE.

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