 "PolicyBazaar")
Shares of PB Fintech, which operates online insurance broker Policybazaar and loan marketplace Paisabazaar, dipped 11 per cent to Rs 775 on the National Stock Exchange (NSE) on Friday’s intra-day trade on the back of heavy volumes. The stock has fallen 16 per cent in the past two trading days.
Till 10:00 am; around 7.5 million equity shares representing 1.67 per cent of total equity of PB Fintech changed hands on the NSE, the exchange data showed. On the BSE, about 446,338 shares or 0.10 per cent of the company’s equity changed hands. The names of buyers and sellers are not ascertained immediately.
After the past two day’s fall, the stock has corrected 47 per cent from its all-time high of Rs 1,470 hit on November 17, 2021. The stock touched a record low of Rs 725.25 on January 25, 2022. PB Fintech made its stock market debut on November 15, 2021. The company issued shares at Rs 980 per share.
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PB Fintech co-founders Yashish Dahiya (3.84 per cent) and Alok Bansal (1.30 per cent) hold over 1 per cent stake in the company as on December 31, 2021, the shareholding pattern data shows.
Meanwhile, in October-December quarter (Q3FY22), the company’s earnings before interest, taxes, depreciation, and amortization (ebitda) losses surged to Rs 317 crore against losses of Rs 21.5 crore in Q3FY21, driven by massive jump in employee and advertising expenses.
Revenues, however, grew 73 per cent year-on-year (YoY) at Rs 367 crore from Rs 212 crore in Q3FY21. The growth was mainly led by Paisabazaar revenue which soared by 128.8 per cent YoY to Rs 171 crore, while revenue in the core insurance business increased by 42 per cent YoY to Rs 196 crore.
