ICICI Prudential drops 10%

ICICI Prudential is currently the top loser on BSE, going down to Rs.302, a drop of almost 10% and not too far from its 52-week low of Rs.310.

The market is very disappointed with its Q3FY19 performance. Low growth in first-year premium and lower income from investments pushed the company’s down by 34% (YoY) at Rs.297 crore. This comes on the back of a 28% drop in net profit it had reported in Q2.

The company has stated that PAT decreased from Rs.12.79 billion in the nine months of 2017-18 to Rs.8.79 billion in the nine months of 2018-19, primarily on account of higher new business strain resulting from the new business growth of protection and annuity business.