PNB Housing Finance's stock price drops by 8%

There was a significant amount of selling in PNB Housing Finance share price during the early morning session as of 29th May. PNB Housing Finance stock started at ₹744 per share on NSE and dropped to an intraday low of ₹724 per share, resulting in a nearly 8 % loss in the morning session. Nevertheless, there was some bottom fishing in the housing finance sector and it regained some lost ground in the afternoon session. PNB Housing Finance's current stock price is approximately ₹739 per share on the NSE.

Stock market experts believe that the price of PNB Housing Finance shares is adjusting due to the news of Foreign Institutional Investors (FIIs) selling their stake in a block deal. The news has sparked considerable excitement in the market because of its potential effect on the company's stock price. Nevertheless, they have mentioned that the PNB Housing Finance share price is a top-notch stock in the portfolio and has posted favorable Q4 results for 2024. The stock hit a low point of ₹650 per share on the technical weekly chart but is showing signs of strength in its chart pattern despite Wednesday's significant selling pressure.

Avinash Gorakshkar, who serves as the Head of Research at Profitmart Securities, commented on the factors that caused the decline in PNB Housing Finance's stock price. "PNB Housing Finance share price is correcting on the news buzz about some foreign institutions offloading their stake in the company via the block deals. Foreign funds are expected to sell out a 2.68 % stake in the company through the block deal. This has turned the tide against bulls, and bears have taken hold of the stock. However, nothing official has come from either of the stakeholders."