PB Fintech share price dropped sharply amid a huge block deal in early trade on Friday. The parent company of PolicyBazaar saw around 64.7 lakh shares changing hands at an average price of Rs 822 apiece. The block deal in the PB Fintech shares was around 1.4 percent stake worth Rs 534 crore. The full details of the deals will be updated later.

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Earlier a Moneycontrol.com report had pointed out that co-founders Yashish Dahiya and Alok Bansal would sell 2.4 percent in the company worth $130-140 million. Dahiya will be selling up to 70 lakh shares and Bansal will sell 38.9 lakh shares, it added.

On the earnings front, the Paisabazaar parent posted a consolidated loss of Rs 298 crore for the third quarter of the FY22 on Tuesday, February 8, while revenues from operations came in at Rs 367.27 crore.

At 12.20 pm, PB Fintech shares quoted at Rs 799.85, down almost 8 percent. The fintech stock opened at Rs 840, almost near the day's high, and dropped as low as Rs 775 per share intra-day.

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The downtrend in the stock continues since the fintech listed in the last mid-November at Rs 1,150, up nearly 17.5 percent from its issue price of Rs 980. The stock has corrected more than 40 percent from its 52-week high price of Rs 1,470 on NSE on November 17 last year.

Meanwhile, Indian shares continue to trade lower in a weak market as worries over the US inflation leading to faster-than-expected interest rate hikes by the Federal Reserve weighed on the market sentiment. The Sensex traded nearly 750 points lower at 58,177 at 12.38 pm, while the Nifty dropped over 200 points to trade at 17,382.

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(Edited by : Ajay Vaishnav)

First Published:Feb 11, 2022 1:04 PM IST