ICICI Prudential Shares Plunge 5% After Q3 Earnings
Jan 18, 2024 16:08
ICICI Prudential Life Insurance shares closed over 5% lower on Thursday after reporting flat net profit in the December quarter. The stock tumbled 10% during the day before recovering slightly.
Illustration: Dominic Xavier/Rediff.com
New Delhi, Jan 18 (PTI) Shares of ICICI Prudential Life Insurance ended more than 5 per cent lower on Thursday after the company reported a flat net profit of Rs 227 crore in the December quarter.
The stock fell by 10 per cent to Rs 463.50 during the day on the BSE. It later ended at Rs 487.25 apiece, lower by 5.39 per cent.
Shares of the company ended at Rs 487 each, down 5.42 per cent after tumbling 10 per cent to Rs 463.45 during the day on the NSE.
Its market valuation fell by Rs 4,132.95 crore to Rs 70,029.90 crore.
The company had posted a profit of Rs 221 crore in the same quarter a year ago.
During the third quarter of this fiscal, the net premium income increased to Rs 9,929 crore, as against Rs 9,465 crore in the same period a year ago, ICICI Prudential Life said in a regulatory filing on Wednesday.
The assets under management of the company increased to Rs 2,86,676 crore as against Rs 2,51,884 crore at the end of the third quarter of the previous fiscal, it said.
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