Policybazaar slips 3% in trade as CLSA downgrades stock

At 2:50 PM, Policybazaar stock was down 2.8% at Rs 620.95 on the NSE.

Shares of Policybazaar (PB Fintech) slip over 3% in trade today and hit a day’s low of Rs 612 on the bourses. At 2:50 PM, Policybazaar stock was down 2.8% at Rs 620.95 on the NSE. The knock in the stock largely comes in post CLSA downgraded the stock to Outperform from Buy with a revised target price of Rs 710 from Rs 660 earlier.

In the last five months, the stock has surged over 60% after the company demonstrated its path to profitability. CLSA says that lower burn rate in new initiatives aiding faster breakeven. Besides, the pressure from selling shareholders also eased, taking off some selling pressure, said CLSA in its report.

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