PNB, JK Tyre shares gain on stock split hopes

Shares of Punjab National Bank (PNB) and JK Tyres and Industries gained in early trade on Monday after boards of both the companies announced plans of a stock split.

PNB shares were trading 1.04 per cent higher at Rs 987 in morning trade on the Bombay Stock Exchange (BSE) after the bank's board approved a five-for-one stock split.

Shares of JK Tyre & Industries' surged 3.66 per cent to Rs 518 on BSE after the company said its board will meet on Thursday to consider a stock split.

Meanwhile, the broader market was trading in red with the BSE Sensex down 0.35 per cent at 26,994.29.

(Reuters)