Policybazaar Shares Jump 12% After Large Trades
At least 1.6% equity changed hands in two large trades, according to data on Bloomberg.
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.