Punjab National Bank shares rose more than 3% on March 21 after the public sector bank cancelled its stake sale in Canara HSBC Life Insurance.

The stock was trading at Rs 49.85 on the NSE at 2:09 pm, up 3.1% and maintaining an upward trend for the third consecutive session.

The bank’s board of directors on February 28 approved the divestment process of PNB’s stake in Canara HSBC Life Insurance Company following a notification from the Insurance Regulatory and Development Authority of India (IRDAI) on December 5.

Subject to regulatory approval, the bank will hold its stake in Canara HSBC Life as an investor.

Punjab National Bank currently holds a 23% stake in Canara HSBC Life Insurance, while Canara Bank holds 51% and HSBC holds 26%.

In May 2021, the bank expressed its intention to divest its stake in its associate, Canara HSBC Life Insurance Company, at an appropriate time, subject to market conditions and available options.