The stock price of PB Fintech dropped by 3% on 17 May after approximately 8.4 million shares, equivalent to 1.86% of the total shares, were traded through block deals on the exchanges. 

By 9:44 am, the trading volume reached 9 million shares across both exchanges. 

Earlier on Thursday, 16 May, PB Fintech informed the exchanges about the partial stake sale by Yashish Dahiya, the chairman and CEO, and Alok Bansal, the vice chairman and whole-time director. 

According to the filing, “Yashish Dahiya plans to sell up to 5.4 million equity shares, while Alok Bansal plans to sell up to 2.97 million equity shares. The proceeds from the sale will be used primarily for paying taxes on current and future ESOP exercises.” 

After the sale, Yashish Dahiya will retain a stake of 4.83%, while Alok Bansal will hold a stake of 1.63% in PB Fintech on a fully diluted basis. The company stated that there are no further plans for share sales by the duo for at least one year.

PB Fintech is involved in offering comprehensive online marketing and IT consulting and support services, primarily catering to the financial services industry, including insurance. The company operates two major platforms: Policybazaar, which is India’s largest digital insurance marketplace, and Paisabazaar, which provides lending product-related services.

In the March quarter of the previous fiscal year (Q4FY24), PB Fintech recorded a net profit of Rs 60.19 crore, a significant improvement compared to a loss of Rs 9.34 crore in the same period the previous year.

During the quarter under review, the company’s revenue from operations witnessed a growth of 25.4% year-on-year (Y-o-Y), reaching Rs 1,090 crore, as opposed to Rs 869 crore in Q4 FY23.

At 3:03 pm, the shares of PB Fintech were trading 0.98% lower at Rs 1,325.10 on NSE.