PNB Housing Finance shares fell sharply by 8% in early trading today. The stock opened lower at ₹744 per share on the NSE and dropped to an intraday low of ₹724. By midday, it recovered slightly to around ₹739 per share.
Why Did PNB Housing Finance Shares Drop?
Stock market experts say the drop is due to rumors about some foreign investors selling their shares through a block deal. This news has caused concern among investors, leading to the sell-off. However, experts also noted that PNB Housing Finance is a strong stock with good financial results for the fourth quarter of 2024. The technical charts show the stock has support at ₹650 per share and still looks positive despite the heavy selling today.
Expert Opinions
Avinash Gorakshkar, Head of Research at Profitmart Securities, explained, “The drop in PNB Housing Finance shares is due to rumors about foreign investors selling their stake. They are expected to sell 2.68% of the company’s shares through a block deal. This has worried investors, but there is no official confirmation yet.”
Gorakshkar added that even if the sale happens, it won’t affect the company’s fundamentals. He believes the current drop is a buying opportunity because the stock is likely to rebound once the short-term concerns are resolved.
Investment Advice
Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, advises investors to hold onto their PNB Housing Finance shares. He suggests setting a stop loss at ₹665 per share. For new investors, Dongre recommends buying the shares at the current price and continuing to buy on dips as long as the stock stays above ₹665. He predicts the stock could reach ₹805 per share in the short term.
Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.
