Asian markets are under pressure amid escalated trade tensions between US and China and crude worries.Shares of PNB Housing Finance fell over 3.5 percent in the morning trade after the lender clarified that it was not aware of any talks to sell controlling stake to HDFC or Kotak Mahindra Bank.
"The company is not aware of any such negotiations. We would like to state that the company does not have any information on the news item published," the company said in an exchange notification.
The share had rallied on Monday, around 15 percent, on the back of media reports that the bank’s controlling stake was up for grabs. However, senior management at HDFC and now at PNB Housing Finance have clarified that no such talks are underway.
According to a report on The Economic Times, both the lenders were competing for a controlling stake in PNB Housing Finance in a bid to get better access to mortgage market.
The report further added, quoting sources, PNB and Carlyle were looking to sell their 66 percent stake to a large investor. The deal is expected to fetch them about Rs 6,000 crore each, the people said.
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Source: https://www.moneycontrol.com/news/business/markets/market-live-sensex-opens-100-pts-lower-asia-under-pressure-on-crude-worries-2633361.html
