PB Fintech Shares Drop 4% During Intraday

SUMMARY

Shares of insurtech major Policybazaar’s parent PB Fintech almost dropped 4% to touch its 28-week low of INR 1,443.50 apiece during the intraday trading session on the BSE today

This comes a day after the company announced multiple leadership level changes in its subsidiaries

The company’s market capitalisation currently stands at INR 67,051.56 cr ($7.67 Bn)

Shares of insurtech major Policybazaar’s parent PB Fintech almost dropped 4% to touch its 28-week low of INR 1,443.50 apiece during the intraday trading session on the BSE today (February 28).

However, the stock revived some of its loss, and ended the day’s trade at INR 1465.95 per share, a 2.4% decline from its previous close of INR 1502.45 apiece yesterday (February 27).

This comes a day after the company announced multiple leadership level changes in its subsidiaries, where cofounder and chief executive of its wholly owned subsidiary Paisabazaar Marketing and Consulting Naveen Kukreja stepped down from his role to be replaced by Policybazaar’s chief business officer Santosh Agarwal.

Meanwhile, Ashutosh Mishra also resigned as chief financial officer of its insurance marketplace PolicyBazaar Insurance Brokers, and he will be succeeded by Vivek Audichya who quit the position of Paisabazaar’s CFO.

Furthermore, Neeraj Tripathi will assume as the CFO and new key managerial personnel (KMP) of Paisabazaar, following Audichya’s transition.

The company’s market capitalisation currently stands at INR 67,051.56 cr ($7.67 Bn).

To note, PB Fintech’s stock surged to touch its all-time high at INR 2,230 apiece on the BSE on January 2, and the shares were on an upward trend since the company disclosed its earnings for Q2 FY25.

However, in the seven successive sessions after marking its highest ever trading price, stock lost more than 23% in value, ending six of those sessions in red.

Further, the Goods and Services Tax (GST) department conducted a raid on a wholly-owned subsidiary of insurtech major PB Fintech, in connection with some of the vendors of one of its subsidiaries, as per the exchange filing from January.

Sources then told Inc42 that the raid was in relation to PB Partners, the fintech major’s platform for insurance agents.

On the financial front, PB Fintech reported a 92% jump in its consolidated profit after tax (PAT) to INR 71.54 Cr in the third quarter of the fiscal year 2024-25 from INR 37.23 Cr, a year ago.

Meanwhile, its operating revenue zoomed 48% to INR 1,291.62 Cr in Q3 FY25 from INR 870.89 Cr in the corresponding quarter last year.