Shares of PB Fintech nosedived nearly 14 percent on Tuesday after a large deal took place on the NSE. About 38.34 lakh shares, representing 0.85 percent equity stake, worth Rs 235.74 crore, changed hands on the stock exchange at Rs 615 per share.
At 11:50 am, the company's shares were trading 13.76 percent lower at Rs 567.75 on the BSE. Year-to-date, the stock is down more than 36 percent.
The company had said in an exchange filing on Monday that it had received an intimation from Yashish Dahiya, Chairman and CEO of PB Fintech, for an intention to sell more than 37 lakh equity shares through bulk deals.
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Post the share sale, Dahiya’s stockholding would decline to about 4.6 percent from around 5.45 percent.
The PolicyBazaar parent said that the proceeds from this share sale will be used to make payment of current and future taxes.
“For avoidance of any doubt, there is no further sale of shares planned beyond these shares, at least for 1 year,” the company said in the exchange filing.
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