Star Health and Allied Insurance Company on Tuesday reported a 25.7 per cent drop in Q3 net profit for the quarter ended December 2024. The company's net profit in the corresponding quarter a year ago stood at Rs 289.56 crore. According to a release issued by the company to the BSE, Star Health total income however increased by 15.6 per cent year-on-year to Rs 4,001.16 crore in Q3FY25 as against Rs 3,460.97 crore in Q3FY24. The company reported a Profit After Tax (PAT) of Rs 645 crore for the first nine months of the current fiscal year, supported by steady growth across business segments, innovative product offerings, and strong commitment to customer-centric service, the company said in a release. Star Health posted consistent financial and operational performance in 9MFY25. The company's combined ratio stood at 101.8 per cent, and its claims ratio stood at 70.66 per cent, both improved sequentially. The Expense Ratio stood at 31.18 per cent. The company's financial performance is supported by robust growth in its investment income, to Rs 996 crore in 9MFY25, while the company's investment assets grew by 15 per cent, totalling Rs 16,666 crore, the release stated. Today, on the stock exchanges, Star India share price dropped 4.5 per cent to hit a new low at Rs 425.50 on the BSE. Meanwhile, the BSE Sensex and the NSE Nifty were up around 0.5 per cent each at 76,250 and 23,080 levels. ALSO READ: Nifty fall since October 2nd biggest in 10 years; 16 stocks tank over 20% Star Health and Allied Insurance operates in the financial services such as - health, personal accident and overseas travel insurance, and also bancassurance. The company was founded by V Jagannathan in partnership with Dubai-based ETA Group. Ahead of the IPO, marquee investors including the likes of Rakesh Jhunjhunwala, WestBridge Capital and Madison Capital bought stake in the company. The company's initial public share took place in 2021, in the price band of Rs 870 - Rs 900. The stock was listed on the BSE and NSE on December 10, 2021 at Rs 845 - a discount of 6.1 per cent. Post which, the stock hit a high of Rs 940, and thereafter has been trending downwards. At present levels, the stock trades at massive discount of almost 53 per cent when compared to the IPO price in December 2021. Does this steep fall in the last 3 years makes Star Health stock a cheap buy or is there more pain ahead? ALSO READ: This MNC FMCG stock trades at 7-yr support; can fall up to 22% Here's a technical outlook on Star Health share price. Star Health Current Price: Rs 436 Downside Risk: 18.6% Support: Rs 413; Rs 400; Rs 378 Resistance: Rs 520 Star Health stock is seen trading below its key moving averages on the daily and weekly scale since October 2024. Even as the stock trades in a fairly oversold zone, the bias for the counter remains negative, select momentum oscillators indicating further downside. For now, the stock seems on course to test support around the monthly super trend line at Rs 413; below which a dip to Rs 400 seems likely. As per the yearly Fibonacci chart, Star Health share price can slide all the way to Rs 355 levels; with interim support seen placed at Rs 430, Rs 400 and Rs 378. On the upside, the stock will need to clear the hurdle at Rs 520 to revive the mood at the counter. CLICK HERE FOR THE CHART