New India Assurance tumbles on profit taking after six weeks of gains

IFCI

08/09/2026 06:15

** New India Assurance Company THEE.NS shares tumble 12.9% to 201.50 rupees; on track for biggest single-day decline since Feb 12, 2024 
** Shares fell as investors locked in recent gains, according to Ankit Jaiswal, senior equity research analyst at Univest 
** THEE shares have rallied for six straight weeks; stock was up 25% for week ended Sept. 4
** Jaiswal retains a positive view on stock but reiterates "hold" 
** Stock gained as India's markets regulator approved IPO of National Stock Exchange of India NSEI.NS, in which co holds a 1.42% stake
** IFCI IFCI.NS, which holds 4.4% stake in NSEI through its unit, down 1.9% after four straight weeks of gains
** THEE trades at forward 12 month PE of 15.13 vs industry median of 26.80 - data compiled by LSEG 
** Two of three brokerages rate the stock "hold"; their median PT is 165.5
** YTD, THEE up 32.8%

 (Reporting by Abhinav Parmar in Bengaluru)
 ((Abhinav.Parmar@thomsonreuters.com;))