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Shares of PNB Housing Finance fell over one percent on Friday after the markets regulator Sebi filed an appeal in the Supreme Court against Securities Appellate Tribunal’s (SAT)’s split verdict in the PNB Housing-Carlyle deal case.

Sebi is pushing the housing finance company to relook at a deal to sell a stake worth Rs 4,000 crore to private equity investors led by Carlyle on the grounds that valuation norms have not been followed.

“It has been brought to our notice that SEBI has filed an appeal (Appeal No CA5052 of 2021) to the Hon’ble Supreme Court of India against the order of Hon’ble SAT. The Company is examining the appeal filed by SEBI,” PNB Housing Finance said in a regulatory filing.

Also Read: SEBI halts PNB Housing Finance's Rs 4,000 crore deal with Carlyle group

As per the order dated August 9, the two-member bench of the Securities Appellate Tribunal gave a split verdict, saying there was a difference of opinion between the members of the bench.

Some clarity on the legal issue could trigger an improvement in the estimates for the housing finance company as some brokerage houses have not yet factored in the equity capital raise.

Also Read: Carlyle deal: Proxy firm SES says PNB Housing’s retail shareholders shortchanged

A technical analyst at a domestic brokerage firm says the stock has been trading in a thin range between Rs 630 and 680 which means it would be wise to avoid betting on the stock in the near term.

At 11:15 am, PNB Housing Finance shares were trading 0.58 percent lower at Rs 649 apiece on BSE.