Shares of Policybazaar's parent company PB Fintech fell over 2% in the pre-market session on Friday, March 6, after the leading online insurance marketplace saw a block deal during the first session. The stock extended losses after the opening bell on the back of the block deal after Chinese cloud computing firm Tencent Cloud sold PB Fintech shares via a joint transaction.
According to the details of the block deal, PB Fintech had 1.05% of equity traded in the block deal. Cloud service provider Tencent Cloud is selling PB Fintech shares worth nearly Rs 6.9 billion through a joint transaction at a price of Rs 1,435 per share, which is approximately a 2.6% discount to PB Fintech's previous closing price of Rs 1,472.80 on Thursday, March 5.
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PB Fintech shares extends losses on block deal
On Friday, shares of PB Fintech dropped 2.56% to Rs 1,435.10 on the NSE in the morning block deal window after Tencent Cloud offloaded shares with the deal price below the stock's closing price. After opening bell, the stock has since dropped 2.6% to hit a low of Rs 1,436.10 after opening the counter at Rs 1,466.20. The stock last traded 2.10% lower at Rs 1,441.90 apiece on the NSE.
PB Fintech shares drop 2% on block deal
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Shares of Policybazaar operator has dropped over 3% in the last one month but has gained nearly 18% in the last one year. The company commands a market cap of Rs 66,715.71 crore. Meanwhile, Indian equity benchmarks opened lower, resuming declines after a one-day breather. The BSE Sensex fell as much as 0.7% or 560 points to 79,454 and the NSE Nifty 50 fell as much as 0.7% to 24,598.
Policybazaar Q3 Results
PB Fintech Ltd.'s profit more than doubles to Rs 189 crore in the third quarter of this financial year. This is in comparison to profit of Rs 71.5 crore in the previous quarter of this fiscal, according to its stock exchange notification on Monday. Revenue advanced by 37.1% year-on-year for the three months ended December, reaching Rs 1,771 crore. Operating income, or earnings before interest, taxes, depreciation, and amortization rose to Rs 159 crore. The Ebitda margin expanded to 9%.
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