PB Fintech Shares Tumble Over 11% After I-T Probe Reports

PB Fintech Pvt. shares tumbled over 11% on Tuesday after media reports of the parent company of Policybazaar and Paisabazaar under income tax scrutiny.

The income tax department found regulatory lapses and non-compliance with KYC norms, according to a news report by Moneycontrol.

"Regarding Income Tax survey with respect to our wholly owned subsidiary Paisabazaar Marketing and Consulting Private, we wish to inform that there is no new update in the said matter...The company shall continue to provide any further details/information that might be required by the IT department," the company said.

Shares of PB Fintech fell as much as 11.68%, the most since Aug. 16, 2022, before paring loss to trade 4.14% lower at 12:37 p.m. This compares to a 0.63% advance in the NSE Nifty 50.

Total traded volume so far in the day stood at 3 times its 30-day average. The relative strength index was at 54.

Of the 17 analysts tracking the company, 11 maintain a 'buy', three recommends a 'hold', and three suggest a 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 3.7%