Fitch affirms Punjab National Bank at 'BBB-', Outlook: Negative

Fitch Ratings has affirmed PNB's Long-Term Issuer Default Rating (IDR) at 'BBB-', with a Negative Outlook. The agency has also affirmed the Bank's Viability Rating (VR) at 'b', Support Rating Floor at 'BBB-' and Support Rating at '2'.

The Negative Outlook on the IDR mirrors the Outlook on India's 'BBB-' sovereign rating, which was revised to Negative from Stable on 18 June 2020 due to the impact of the escalating coronavirus pandemic on India's economy.

Shares of PUNJAB NATIONAL BANK was last trading in BSE at Rs.35.8 as compared to the previous close of Rs. 33.95. The total number of shares traded during the day was 7121290 in over 11186 trades.

The stock hit an intraday high of Rs. 36.05 and intraday low of 34.15. The net turnover during the day was Rs. 253290296.

Source : Equity Bulls

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