Shares of PB Fintech, the parent company of insurance aggregator Policybazaar, took a hit on Friday, dropping as much as 4% following an alleged massive block deal.
What Happened? Around 0.95 crore shares, equivalent to a 2.1% stake, were bought and sold across multiple trades, Bloomberg reported. However, it is not yet known which entities were involved in the trades.
PB Fintech posted its March quarter earnings earlier this week, where its losses narrowed to ₹8.95 crore from ₹219.60 crore in the same quarter last year. Revenue from operations surged 60.85% to ₹869.09 crore, up from ₹540.29 crore in the corresponding quarter last year.
The upbeat numbers prompted several brokerages to hike their price targets for the stock. JM Financial raised its target price to ₹980 per share and maintained a ‘buy’ rating. Citi set a target price of ₹820, while Morgan Stanley set a target of ₹810.
Price Action: The stock was down 2.75% at ₹605.60 in the morning session on Friday, recovering some losses from a drop of 4.2% earlier in the day.
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