ICICI Prudential Life Insurance shares have hit their one-year low after the stock fell 10 percent in just one day.
A day after its quarterly results were released, ICICI Prudential Life Insurance shares tumbled on the stock market, down by nearly 10 percent after its margins missed the mark on estimations.
Seeing a major crash of 10 percent, ICICI Pru Life shares traded at ₹464 during its intraday low, recuperating some of its losses and going up to ₹464.60 on the stock market on January 18, at around 10:30 am.
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Just a few hours before the closing bell on Thursday, ICICI Prudential shares were trading at a dip of nearly 6 percent. The stock hit its 52-week low just a day after the quarterly results for the firm were released on Wednesday.
The ICICI Prudential Life Insurance stock fell 10 per cent to ₹463.50 on the BSE, while it tumbled 10 per cent to ₹463.45 on the NSE. Its market valuation fell by ₹4,320.16 crore to ₹69,842.69 during the morning trade.
This comes a day after Indian stock market indexes took a huge hit, with Sensex falling over 1600 points in a single session after the Q3 results of HDFC Bank on January 16 showed less than promising margins.
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ICICI Prudential Q3 results
ICICI Pru Life saw its value of new business (VNB) decline by 29.5 percent YoY for its October-December 2023 quarter, dropping down to ₹436 crore. The margins came in at 23 percent, significantly lower than the industry estimations.
During the third quarter of this fiscal the net premium income increased to ₹9,929 crore, as against ₹9,465 crore in the same period a year ago, ICICI Prudential Life said in a regulatory filing on Wednesday.
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The assets under management of the company increased to ₹2,86,676 crore as against ₹2,51,884 crore at the end of third quarter of previous fiscal, the results said.
A similar fate was faced by HDFC Bank a day after its Q3 results went public, when the shares of the private lender dropped by nearly 9 percent when the markets closed on January 17.
