Policybazaar Shares Jump 12% After Large Trades

Shares of PB Fintech Ltd., the parent firm of Policybazaar, gained the most this week and are set to snap a two-day decline after multiple large trades on Thursday.

At least 1.6% equity changed hands in two large trades, according to data on Bloomberg.

Shares of the company gained 11.89% to intraday high of Rs 448, while the benchmark Nifty 50 gained 0.55% on the NSE. The total traded quantity was 6.5 times the 30-day average.

The stock has advanced 18.31% since the expiry of the pre-IPO investors' year-long lock-in period on Nov. 10.

Of the 11 analysts tracking the company, 10 maintain a 'buy' and one suggests a 'hold', according to Bloomberg data. The 12-month consensus price target implies an upside of 56.3%.

On Nov. 11, Tiger Global Management divested 3.5% stake in PB Fintech for nearly Rs 606 crore through open market transactions. The funds managed by Tiger Global, namely Tiger Global Eight Holdings and Internet Fund III Pte, sold a total of 1.60 crore shares as per bulk deal data available with the National Stock Exchange and BSE.

The shares were sold at an average price of Rs 374.09-388.34 per share.