New India Assurance Stock Plummets 11% After Q3 Profit Falls
New India Assurance stock plunges 11% as Q3 profit falls. Net profit declines 4.5% to Rs 715 crore due to underwriting losses.
Shares of The New India Assurance Company Ltd plummeted 11% on Monday after the general insurer reported a decline in net profit in the December quarter.
The scrip of the company plunged 10.95% to trade at Rs 259.10 apiece on the BSE.
On the NSE, New India Assurance's shares tumbled 10.91% to trade at Rs 259.20 per piece.
In mid-session trade, 30-share benchmark BSE Sensex slipped 384.01 points or 0.54% to trade at 71,211.48, while NSE Nifty declined 0.56% to trade at 21,660.65 points.
On Friday, the New India Assurance Company Ltd reported a 4.5% fall in net profit to Rs 715 crore in the quarter ended December 2023 due to underwriting losses.
The company had a net profit of Rs 749 crore in the same quarter a year ago.
Its total income rose to Rs 10,630 crore in the third quarter of 2023-24 from Rs 9,746 crore in the same period a year ago, the company said in a regulatory filing.
Gross premium written during the reported quarter rose to Rs 10,665 crore in the quarter as against Rs 9,243 crore in the year-ago period, it added.
