ICICI Prudential Shares Plunge 10 Percent Aafter Q3 Earnings

Shares of ICICI Prudential Life Insurance plunged 10 per cent on Thursday after the company reported a flat net profit of Rs 227 crore in December quarter.

The stock fell 10 per cent to Rs 463.50 on the BSE. It tumbled 10 per cent to Rs 463.45 on the NSE. Its market valuation fell Rs 4,320.16 crore to Rs 69,842.69 during the morning trade. The company had posted a profit of Rs 221 crore in the same quarter a year ago.

During the third quarter of this fiscal the net premium income increased to Rs 9,929 crore, as against Rs 9,465 crore in the same period a year ago, ICICI Prudential Life said in a regulatory filing on Wednesday. The assets under management of the company increased to Rs 2,86,676 crore as against Rs 2,51,884 crore at the end of third quarter of previous fiscal, it said.