PB Fintech shares slip 8% from 52-week high amid stake sale by Temasek

Shares of PB Fintech, which operates online insurance broker Policybazaar and loan marketplace Paisabazaar, are down over 8% from their 52-week high after Singaporean sovereign wealth fund Temasek Holdings on Thursday offloaded its entire 5.42 per cent stake in the firm for Rs 2,425 crore in a block deal.

PB Fintech shares, which hit a 52-week high of Rs 1,050.10 on February 1 after the firm's first quarterly profit, slipped 8.31% from high to Rs 962.80 today. Shares of PB Fintech fell 3.41% intraday against the previous close of Rs 996.90 on BSE. Market cap of PB Fintech slipped to Rs 43,963 crore.

In the afternoon session, a total of 49.49 lakh shares changed hands amounting to a turnover of Rs 489.46 crore. It has risen 22.15 per cent in 2024 and gained 132.28 per cent in a year. The stock hit a 52-week high of Rs 1,050 on February 1, 2024 and a 52-week low of Rs 392 on February 2, 2023.

Also read: PB Fintech shares in focus today after Temasek Holdings sells entire stake in block deal

In terms of technicals, the relative strength index (RSI) of PB Fintech stock stands at 72.8, signaling the stock is trading in the oversold zone. The large-cap stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Claymore Investments (Mauritius) Pte Ltd, wholly owned subsidiary of Temasek Holdings sold the shares of PB Fintech in three tranches in a block deal on Thursday.

Claymore Investments (Mauritius) Pte offloaded a total of 2,44,30,015 shares or 5.42 per cent stake in PB Fintech, according to block deal data. The shares were sold at an average price of Rs 992.8 apiece, taking the combined deal value to Rs 2,425.41 crore.

On the other hand, US-based financial services company Capital Group, through its various affiliates, bought the shares of PB Fintech in seven tranches.

PB Fintech logged its first ever quarterly profit of Rs 37 crore for the third quarter ended December 31, 2023. The Q3 earnings show was led by a robust growth in insurance premium and improvement in contributing margins. PB Fintech reported a loss of Rs 21.1 cr in the preceding September quarter. In Q3FY23, the company reported a loss of Rs 87.6 crore.

Also read: Hot stocks on February 2: IREDA, Suzlon Energy, NBCC, PB Fintech, SJVN and more

Also read: Solar adoption: Tata Power arm facilitates Rs 3,500 crore consumer financing, says Tata firm