ICICI Prudential's Stock Tumbles Despite Profit Surge

ICICI Prudential Life Insurance's shares dropped 9% after its December quarter earnings failed to meet investor expectations, despite a 43% increase in net profit and an increase in net premium income and assets under management.

ICICI Prudential Life Insurance saw its stock price plunge by 9% during morning trading on Wednesday, as the company's December quarter earnings did not satisfy investors.

The stock fell 8.95% to Rs 579 on the BSE and 8.74% to Rs 580 on the NSE, while broader markets were trading positively. The BSE Sensex and NSE Nifty registered gains of 299.78 points and 52.40 points, respectively.

Despite reporting a 43% increase in net profit, totaling Rs 326 crore, and a significant rise in net premium income and assets under management, ICICI Prudential's earnings announcement did not meet investor expectations, triggering the stock sell-off.

(With inputs from agencies.)