The stock later shed some of the loss and was trading at INR 1,617.25 at 11.30 AM, down 6.1% from the previous close
Until 11:40 AM, more than 58.3 Lakh shares of PB Fintech changed hands, and the company’s market capitalisation stood at INR 73,524.93 Cr (around $878.46 Mn)
The company’s stock has given a 116.9% return so far this year. The company was listed at INR 1,150 per share on the BSE
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Following the reports of its potential foray into the healthcare sector, shares of insurtech major PB Fintech staggered as much as 10.3% on the BSE to reach INR 1,545.10 during Thursday’s intraday trade. The stock later shed some of the loss and was trading at INR 1,617.25 at 11.30 AM, down 6.1% from the previous close.
Until 11:40 AM, more than 58.3 Lakh shares of PB Fintech changed hands, and the company’s market capitalisation stood at INR 73,524.93 Cr (around $878.46 Mn).
For the last two trading sessions, PB Fintech’s shares have witnessed a downward swing. Last week on September 20, its shares soared as much as 4.4% intraday to reach an all-time high of INR 1,966.
Contrary to this, the company’s stock has given a 116.9% return so far this year. The company was listed at INR 1,150 per share on the BSE.
The slump in PB Fintech’s stock comes after media reports speculating that the company was in advanced discussions regarding a new business model in healthcare.
But following the volatility in the market, PB Fintech issued a clarification underlining the importance of improving claims processing in health insurance.
“If claims processing were a quicker and smoother experience, it would encourage more people to purchase health insurance. Aligning the interests of insurers and hospitals could enhance the claims experience for customers and, in turn, boost insurance penetration,” the company said.
It is pertinent to note that a lot is happening at the company. Earlier this month, it allotted 75,760 equity shares to eligible employees under its employee stock option plan (ESOP).
Last month, Chinese tech giant Tencent sold 97 Lakh shares of PB Fintech via multiple open market transactions for a cumulative sum of INR 1,668.1 Cr.
On the financial front, PB Fintech reported its third consecutive profitable quarter in April-June. It posted a consolidated net profit of INR 59.98 Cr in the June quarter (Q1) of the financial year 2024-25 (FY25) as against a net loss of INR 11.9 Cr in the year-ago quarter.
Operating revenue jumped 51.8% to INR 1,010.5 Cr in Q1 FY25 from INR 665.6 Cr in the year-ago quarter.
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