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Shares of PB Fintech Ltd, the parent of online insurance aggregator Policybazaar, surged 6 per cent to Rs 489 on the National Stock Exchange (NSE) in Friday’s intra-day trade after 5 per cent equity of the company changing hands via block deal.
Around 22.84 million shares representing 5 per cent of total equity of PB Fintech worth of Rs 1,042.53 crore changed hands on the NSE, the exchange data shows. The shares were sold at Rs 456.40 apiece. However, the names of the buyers and sellers were not ascertained immediately.
At 09:28 am; PB Fintech traded 3 per cent higher at Rs 476, as against 0.4 per cent decline on the Nifty 50.
According to reports, SoftBank Group had plans to sell a 5 per cent stake in PB Fintech Ltd. Japanese conglomerate SoftBank owned more than 10 per cent stake in PB Fintech through two of its units, according to exchange data.CLICK HERE FOR NEWS REPORT
Meanwhile, with today’s gain, in past one month, the stock of PB Fintech has rallied 22 per cent, as compared to 3.3 per cent rise in the Nifty 50. However, in past one year, the stock has underperformed immensely, and tanked as much as 61 per cent, as against 9.4 per cent rally in the benchmark index.
The stock had hit a record low of Rs 356.20 on November 17, 2022. It’s all-time high stands at Rs 1,470 – recorded on November 17, 2021.
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