PB Fintech Shares Dip Nearly 5%

SUMMARY

With a dip in PB Fintech's share price, its market capitalisation dropped to INR 77,022 Cr

More than 4 Lakh shares of PB Fintech changed hands around 11:18 AM

PB Fintech’s shares ended in the red in eight out of the last 11 trading sessions on BSE

Shares of insurtech major Policybazaar’s parent PB Fintech declined 4.81% to INR 1665.95 during intraday trading session on BSE today (January 21). 

With a dip in the share price, its market capitalisation dropped to INR 77,022 Cr with more than 4 Lakh shares changing hands at the time of writing this story. 

However, the stock recouped some of its losses and was trading at INR 1677.25 apiece at 11:18 AM. 

PB Fintech’s shares ended in the red in eight out of the last 11 trading sessions on BSE. On a year-to-date basis, the stock has plunged over 20%. 

Notably, the company’s stock has been on a downward trajectory in recent times, giving a negative return of around 20% in the last month at the current market price. 

Last week, brokerage firm Morgan Stanley gave ‘underweight’ rating to PB Fintech, citing lower-than-expected profit emergence and high stock valuations. 

A week ago, the Goods and Services Tax (GST) department conducted a raid on the PB Fintech office in Gurugram. The raid was in relation to PB Partners, the fintech major’s platform for insurance agents, Inc42 learnt from sources. 

The company is being investigated for alleged tax evasion of about INR 80 Cr to INR 90 Cr, and the GST officials reviewed the financial records and GST filings during the raid.

Earlier this month, the company forayed into the healthcare segment by setting up a new subsidiary to offer healthcare services. In an exchange filing, the company said it has set up a new wholly-owned subsidiary by the name of PB Healthcare Services Private Limited. 

Last year, the company incorporated a subsidiary PB Pay as part of its plan to venture into the payment aggregator business.

PB Fintech reported a consolidated net profit of INR 50.98 Cr in the second quarter (Q2) of the fiscal year 2024-25 (FY25) against a loss of INR 21.11 Cr in the year-ago period. Notably, this was the fourth consecutive profitable quarter for the company.

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PB Fintech Shares Dip Nearly 5%-Inc42 Media
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