Policybazaar Falls Over 10% As Bernstein Says Plan On Foray Into Healthcare Unclear
PB Fintech share price is declining for four consecutive sessions in a row. The stock has shed 15.76% of its value this week, according to data on Bloomberg.
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Shares of PB Fintech, better known as Policybazaar, declined to over one-month low on Thursday as Bernstein has an 'Outperform' rating on the stock with a target price of Rs 1,720, implying a 0.1% downside from the previous day's closing price.
Bernstein said that analysts await more details on its plan for backward integration with hospitals. The idea is not clear, it said, adding that it indicates Policybazaar is implying to revamping healthcare market by improving customer affordability and building unique proposition for health insurance customers.
PB Fintech on Wednesday clarified that it is still exploring options to enter healthcare space, and a decision hasn't been made yet. The clarification came in response to new reports earlier that said that the company was exploring plans.
The company has indicated that it is intending to provide hospital beds in Delhi–NCR region as a pilot programme. The customers of PB Fintech will get preferential and lower cost access, Bernstein said in a report. Now, whether this is a thorough partnership or new capacity is unclear, according to the brokerage.
Building the capacity will require some financial commitment from PB Fintech, and the size of which isn't clear, Bernstein said.
PB Fintech share price is declining for four consecutive sessions in a row. The stock has shed 15.76% of its value this week, according to data on Bloomberg.
PB Fintech share price declined 10.28% to Rs 1,545.05 apiece, the lowest level since Aug 14. It pared losses to trade 6.16% lower at Rs 1,615 as of 11:32 a.m., as compared to 0.23% advance in the NSE Nifty 50 index.
The stock gained 114.93% in 12 months, and 102.84% on a year-to-date basis. Total traded volume so far in the day stood at 5.1 times its 30-day average. The relative strength index was at 39.34.
Out of 19 analysts tracking the company, eight maintain a 'buy' rating, seven recommend a 'hold,' and four suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 7.1%.
