PB Fintech slips 2% after Softbank sells 2.54% stake in Policybazaar parent

Shares of PB Fintech, which operates Policybazaar, fell 2 percent in the morning trade. On Friday, Softbank entities SVF Python II (Cayman) and SVF India Holdings (Cayman) offloaded 11.4 million shares in the insurance player.

As of 11.30am, shares of PB Fintech were trading mildly in the red at Rs 761 on the BSE. The shares were sold at an average price of Rs 762.8 apiece and amounted to a 2.54 percent stake in the firm. The total value of the deal was Rs 871.2 crore.

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Europe-based Societe Generale, a financial services player, bought 2.62 million equity shares, or a 0.58 percent stake in the Policybazaar parent for the same price on October 6. The total consideration for the stake buy clocked in at Rs 200.34 crore.

Shareholding pattern, technical view 

Compared to the Nifty’s one-year run at 13.4 percent, PB Fintech shares have gained 55.2 percent during the period. From its 52-week high of Rs 818, the shares are trading 7 percent lower. The company’s market capitalisation is Rs 34,249 crore.

The counter is neither oversold, nor overbought, as indicated by its RSI of 51.4. The stock also sees low volatility, as shown by its one-year beta of 0.94.

As of the June quarter, FIIs own 49.6 percent in the company, while DIIs had 15.4 percent. The public held a 34.2 percent stake in PB Fintech. The promoters do not hold any stake in the firm.

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