PB Fintech shares fall 10% on reports of Income Tax surveys for KYC non-compliances

PB Fintech (Policybazaar) shares slip over 10% in Tuesday’s trade to hit a low of Rs 852 on the NSE after media reports said that the Income Tax department is conducting surveys at the company in connection with regulatory lapses and KYC non-compliance.

PB Fintech (Policybazaar) shares slip over 10% in Tuesday’s trade to hit a low of Rs 852 on the NSE after media reports said that the Income Tax department is conducting surveys at the company in connection with regulatory lapses and KYC non-compliance. The Moneycontrol report, citing sources, further said that the department may soon begin proceedings against the company.

In a separate development recently, Singaporean sovereign wealth fund Temasek had offloaded its entire 5.4% stake in the company for Rs 2,500 crore via block deal. The stock in the last 3 months has delivered returns of nearly 20% and nearly 100% in the last one year, data shows.

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