Nifty 500 Top Loser: What Led PB Fintech to Plummet Upto 16% on Tuesday?

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Nifty 500 Top Loser: What Led PB Fintech to Plummet Upto 16% on Tuesday?

By Malvika Gurung

Investing.com -- Shares of the insurance company PB Fintech (NS: PBFI ) plunged almost 16% on Tuesday, ending the session 11.92% lower at Rs 580.25 apiece, with over 83 lakh equity shares of the company traded in the day on the NSE alone.

The stock nosedived after the online insurance aggregator informed in a press release that its chairman and CEO Yashish Dahiya planned to sell around 37.7 lakh shares of the company, accounting for a 0.84% stake through bulk deals on the stock exchanges.

The company also clarified that after this share sale, no further sale is planned of the sort, at least until a year.

The trading data from exchanges indicate that the deal has taken place. Amid the heavy volume induced trading in the day, PB Fintech’s shares plunged about 15.6%.

Post the share sale, Dahiya’s shareholding in the company would fall to 4.6% from about 5.45%. Further, the proceeds from the sale of 37,69,471 shares will be used for paying current and future taxes, informed the company.

Meanwhile, the online insurance scrip has declined over 36% so far in the year.

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