Policybazaar shares jump over 11% as investors buy the dip
ET Bureau & AgenciesShares of new-age company PB Fintech, which runs the insurance aggregator platform Policybazaar, on Thursday jumped up to 11.5% to day’s high of Rs 446.75 on the back of bottom-fishing in the counter.
At 11.24 am, the scrip was trading 10.78% higher at Rs 443.8 per share. PB Fintech shares are still down over 67% from their 52-week high of Rs 1,339. Last week, the stock also hit a 52-week low of Rs 356.2.
Tiger Global Management last week offloaded shares of Policybazaar’s parent firm PB Fintech for Rs 522 crore through open market transactions. Meanwhile, WF Asian Reconnaissance Fund acquired 50 lakh shares of the company.
As per Trendlyne data, the highest target for the stock goes up to Rs 910, while the average estimate of Rs 692 shows an upside potential of around 63% from current prices.
Out of the 11 analysts covering the stock, nine of them have strong buy ratings while one has a buy and one has a hold rating.
In the September quarter, the company had reported a narrowing of net loss to Rs 186.64 crore. Its revenue from operations surged 105.1% YoY to Rs 573.47 crore.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)

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