Shares of Punjab & Sind Bank surged 14 percent on Friday on the back of its recent announcement that the bank got approval from its board for raising capital.

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Reversing its trend of four-days consecutive fall, the shares jumped more than 14 percent to hit an intra-day high of Rs 35.25. The stock opened with a gain of 12.62 percent at Rs 33.75.

The smallcap public sector bank has jumped nearly 20 percent this month but for the last 1 year, it has underperformed, giving negative returns of 28 percent.

Public sector bank shares have gained in recent days as the government announced its plan to infuse fresh capital into ailing state-owned lenders. On Thursday, the government sought Parliamentary approval for supplementary grants worth Rs 41,000 crore.

Nifty PSU Bank index traded lower by 0.56 percent to 3,033.

Shares of Punjab & Sind Bank on Friday closed at Rs 33.80, up by 9.21 percent on the NSE.

The 30-share BSE Sensex nosedived 690 points to close at 35,742, while the NSE Nifty slumped 198 points to 10,754. Broader markets also fell sharply with the Nifty Midap Index declining by 284 points to 17,704 and Nifty Bank 405 points to 26,870.

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First Published:Dec 21, 2018 5:07 PM IST