India's PB Fintech falls after Kotak downgrades shares on costly valuations

PB Fintech

19/05/2025 07:22

** Shares of PB Fintech PBFI.NS fall 3.4% to 1,696.9 rupees apiece

** Insurance marketplace Policybazaar-owner's shares dropped as much as 4.6%, the biggest intraday drop in two weeks, earlier in the session

** Kotak Institutional Equities downgrades PBFI to "sell" from "add" citing costly valuations, raises target price to 1,550 rupees from 1,525 rupees

** Brokerage awaits better entry points after the 8% rally in the last month

** Kotak's price target implies a downside of 8.7% for PBFI over next 12 months

** PBFI reported a surge in profit in the March quarter on Thursday

** While profit rose, new business premium growth was tepid at 21%, while core digital business growth remained weak in the quarter, marred by a slowdown in ULIPs - Kotak

** PBFI shares down 16.7% in 2025 so far compared to 0.25% rise in mid-cap 100 index .NIFMDCP100

(Reporting by Bharath Rajeswaran in Bengaluru)

((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))