Shares of Punjab National Bank today fell over 6 per cent as brokerages have cut the price target.

The stock fell as much as 6.21 per cent.

The state-run lender had reported disappointing December quarter earnings on Tuesday.

Deutsche Bank has downgraded the company stock to “hold’’ from “buy’’. It has cut the price target to Rs 80 from Rs 130.

Macquarie has cut the price target to Rs 64 from Rs 81.

Deutsche Bank says normalisation of credit costs could take one to two years, resulting in sub-par RoEs of 5-7 per cent.

Substantial earnings miss and asset quality were probably worst in the sector, Macquarie says.