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Wednesday, December 7, 2022

Nifty Bank Top Gainer: Here’s why GNP hits a new high and challenges market mood

By Malvika Gurung

Investing.com — Stocks in the largest state lending agency Punjab National Bank (NS:) jumped 7% to Rs 54.3 apiece after rising 9.4% on Friday and hitting a fresh 52-week high of Rs 55.65 apiece.

Shares of the public sector bank rose after it informed the stock markets that it received approval from the Ministry of Finance to divest its entire stake in mutual fund company UTI Asset Management Company.

In an exchange filing on Thursday, PNB announced that it has received the green light from DIPAM, the Ministry of Finance, Government of India to divest its full or partial stake in UTI AMC through single or multiple tranches. Approval is subject to compliance with SEBI regulations or other applicable regulatory guidelines.

Punjab National Bank currently holds a 15.22% stake in the mutual fund company and is willing to sell its stake to earn a profit on the investment. The timetable for the divestment process has not yet been finalized, the lender said.

Public sector banking challenged the market mood on Friday as benchmark indices traded slightly lower.

GNP was the best performing/gaining stock in the key sector index, as well as the .

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