NHB asks PNB Housing to pay penalty of Rs80k for non-compliance; Stock ends 5% lower

PNB Housing Finance Limited informed the exchanges Tuesday that National Housing Bank (NHB) vide its letter dated June 11, 2021, has advised the company to pay a penalty of Rs80,000 plus GST for non-compliance with policy circular no. 58 and 75 regarding disbursement of home loans in the year 2015 for the projects namely “Pushpban” and “Chaitraban” situated at Village Pirangute, Taluka Mulshi, District Pune (“Project”) duly promoted and developed by DSK.

The Company has made a representation to NHB on June 14, 2021 to re-consider the penalty as this matter was earlier dealt with by the NHB in October 2019 and a caution advise was then issued.

PNB Housing Finance Ltd stock on Tuesday ended at Rs738.05 per piece down by Rs38.8 or 4.99% from its previous closing of Rs776.85 per piece on the BSE.

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( With inputs from indiainfoline)