This Quality Fintech Company Shares Fell 12% In Trade Today, Here's Why?

Shares of PB Fintech, which operates online insurance broker Policy Bazaar and Paisabazaar, plunged 12 per cent to Rs 578.50 on the NSE in Tuesday's trade. Reports that Yashish Dahiya, chairman executive and CEO of the company will sell up to 3.77 million equity shares through open market, led to a sharp decline in the stock.

"We hereby submit that the Company has received an intimation from Mr. Yashish Dahiya, Chairman and CEO of the Company, for an intention to sell up to 37,69,471 equity shares via bulk deals on the stock exchanges. The Company submits that the aggregate shareholding of Mr. Yashish Dahiya after the Initial Public Offer ("IPO") of the Company was 1,72,38,878 (3.84%) and total number of ESOPs options vested and due for exercise immediately after the Initial Public Offer of the Company were 1,06,57,500. Out of the above outstanding stock options, he exercised 1,05,09,601 shares during February 2022 and May 2022. The remaining 1,47,899 vested ESOPs will be exercised within next few days. Apart from above vested stock options, 71,96,604 stock options were granted on October 05, 2021 which will get vested and exercisable over a period of 5 years commencing from the grant date i.e. October 05, 2021," a statement received at the BSE read.

The shares of the company were issued at a price of Rs 980 in November last year and have since lost heavy ground.