PNB plunges 4% on weak Q2 earnings

Punjab National Bank (PNB), one of the leading public sector lenders, plunged on Friday after it has reported a drop of 11.5% in net profit for the quarter ended Sept 30, 2012 due to higher provision.

During the quarter, the bank's profit went down to Rs 10.66 billion for the quarter ended Sept 30, 2012 as compared to Rs 12.05 billion in the same period last year. Total income has gone up 15.10% to Rs 113.26 billion for the quarter ended Sept 30, 2012 from Rs 98.41 billion in the year ago period.

Shares of the bank are trading at Rs 753.05, down Rs 51.3, or 6.38% at the Bombay Stock Exchange (BSE) on Friday at 1:15 p.m.The scrip has touched an intra-day high of Rs 801.95 and low of Rs 752.55. The total volume of shares traded at the BSE is 341,880.In the earlier session, the shares declined 1.72%, or Rs 14.05, at Rs 804.35. Currently, the stock is trading down 30.98% from its 52-week high of Rs 1,091 and above 14.27% over the 52-week low of Rs 659.

Share Price Movement Period Pricein Rs Gain/(Loss) in Rs in % 1 Week 822.15 (17.80) (2.17) 1 Month 833.25 (28.90) (3.47) 3 Months 715.85 88.50 12.36 6 Months 839.20 (34.85) (4.15) 1 Year 941.50 (137.15) (14.57) Note: Based on previous day closing price.