PB Fintech's Investment Plans Fail to Uplift Shares

PB Fintech's shares dropped nearly 5% on Wednesday after announcing a Rs 696 crore investment in its healthcare arm, PB Healthcare Services. The market's response was lukewarm despite the move aiming at expansion. The decline was observed both on NSE and BSE trading platforms.

Shares of PB Fintech, the parent company of Policybazaar, suffered a near 5% drop on Wednesday. The downturn followed the company's announcement of a substantial Rs 696 crore infusion into its healthcare subsidiary, PB Healthcare Services, which failed to resonate positively with investors.

On the National Stock Exchange (NSE), PB Fintech's shares fell 4.70% to close at Rs 1,399.95. The BSE witnessed a similar trend, with the stocks dipping 4.44% to settle at Rs 1,404.15. Trading volumes saw 46.18 lakh shares exchanged on NSE and 1.23 lakh on BSE.

The broader market indices also registered a downward movement, with the BSE Sensex shedding 72.56 points to end at 74,029.76, and the NSE Nifty dropping 27.40 points to close at 22,470.50. PB Fintech's board has approved the capital infusion in PB Healthcare for expansion and strategic growth, pending shareholders' approval.

(With inputs from agencies.)