Sell PNB with a target at Rs 60: CLSA
The March quarter results disappointed with loss arising from the sharp rise in provisions, and weak topline growth. The stress in asset quality intensified which was largely led by downgrades following RBI's AQR, said the CLSA note.
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| Updated: CLSA downgraded PNB to sell from underperform earlier post March quarter results and has also slashed its 12-month target price to Rs 60 from Rs 90 earlier.
The March quarter results disappointed with loss arising from the sharp rise in provisions, and weak topline growth. The stress in asset quality intensified which was largely led by downgrades following RBI's AQR, said the CLSA note.
With net NPL/net-worth ratio at over 90 per cent, bank will need capital infusion from government to retain liquidity.
The March quarter results disappointed with loss arising from the sharp rise in provisions, and weak topline growth. The stress in asset quality intensified which was largely led by downgrades following RBI's AQR, said the CLSA note.
With net NPL/net-worth ratio at over 90 per cent, bank will need capital infusion from government to retain liquidity.
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