Shares in PNB Housing Finance plunged 5% to their lower channel limit on Monday after the company said it had aborted the plan to sell Rs 4000 crore-share to the US private equity firm Carlyle Group and others.
The stock fell 5% to its lower circuit limit of Rs 607.10 on BSE.
On NSE, it fell 4.99% to its lower circuit of Rs 606.75.
Amid a legal hurdle, PNB Housing Finance announced on Thursday that it had abandoned its plan to sell rupee 4,000 crore shares to US private equity firm Carlyle Group and others.
The deal got bogged down in legal tangles over valuation issues. Last month, capital markets regulator Sebi took the Securities Supreme Court to court
The appeal court order in the case concerned the company’s 4,000 crore rupee capital raising plan. The case is pending before the Supreme Court.
“The board of directors has decided not to proceed with the preferential issue and the share subscription agreements entered into with the proposed beneficiaries have been terminated in accordance with their respective conditions,” PNB Housing Finance said in a regulatory file.
The main objective of the board is to raise capital to support the growth of the business, and the board believes that the current situation is not in the best interests of the business and its stakeholders, he said. he declares.
Markets were closed for Dussehra on Friday.