The stock entering the F&O ban means that no new positions can be created in the stock until it exits the ban. This means that the total market wide position limit (MWPL) crossed the 95% mark on Friday, triggering the stock to enter the F&O ban.
Market Wide Position Limit means the maximum number of open derivatives contracts that all market participants can collectively hold in a specific stock.
PNB Housing’s shares fell 17% last Friday after its MD & CEO Girish Kousgi resigned citing personal reasons. This was the biggest single-day fall for the stock since March 2021.
The stock fell on heavy volumes as over 3.2 crore shares were traded on Friday, compared to its 20-day average between 9 lakh to 10 lakh shares. Shares worth over ₹2,717 crore changed hands on Friday, according to data available on the National Stock Exchange. 43% of those shares traded were marked for delivery.
PNB Housing’s promoter Punjab National Bank, told CNBC-TV18 on Friday that he only reason Girish Kousgi stepped down was personal and that the new MD & CEO will be an external candidate.
Shares of PNB Housing Finance ended 17.7% lower on Friday at ₹811.15. With that fall, the stock also turned negative on a year-to-date basis, and is now down 11% for the year.
