ICICI Prudential drops 10%

about 28 days ago
No Image

ICICI Prudential is currently the top loser on BSE, going down to Rs.302, a drop of almost 10% and not too far from its 52-week low of Rs.310.

The market is very disappointed with its Q3FY19 performance. Low growth in first-year premium and lower income from investments pushed the company’s down by 34% (YoY) at Rs.297 crore. This comes on the back of a 28% drop in net profit it had reported in Q2.

The company has stated that PAT decreased from Rs.12.79 billion in the nine months of 2017-18 to Rs.8.79 billion in the nine months of 2018-19, primarily on account of higher new business strain resulting from the new business growth of protection and annuity business.

Articles you may also like

Popular Comments

No comment posted for this article.