ICICI Prudential Life Insurance witnessed a sharp decline of 10 percent in its shares on Thursday following the disclosure of a stagnant net profit of Rs 227 crore in the December quarter.
The stock experienced a significant drop, reaching Rs 463.50 on the BSE, and a parallel decline to Rs 463.45 on the NSE. This downturn led to a substantial reduction in the company's market valuation, plummeting from Rs 74,162.85 crore to Rs 69,842.69 crore during the morning trade.
Comparatively, the company had reported a profit of Rs 221 crore during the same quarter in the previous year. Despite the challenging financial results, ICICI Prudential Life reported an increase in net premium income to Rs 9,929 crore during the third quarter of this fiscal, up from Rs 9,465 crore in the corresponding period the previous year, according to a regulatory filing on Wednesday.
The company also disclosed a growth in its assets under management, which rose to Rs 2,86,676 crore compared to Rs 2,51,884 crore at the end of the third quarter of the previous fiscal year. Despite the dip in share prices, the company's operational metrics suggest a positive trajectory in terms of premium income and asset management. Investors will closely monitor the company's strategies to navigate the current economic landscape.
(With Agency Inputs)