NEW DELHI: Shares of PB Fintech, the promoter company of insurance aggregator Policybazaar and Paisabazaar, crashed 15% intraday on Tuesday after the company said CEO Yashish Dahiya plans to sell nearly 37.69 lakh equity shares via bulk deals. The stock initially fell nearly 10% in early trade and declined further to hit an intraday low of Rs 557 on the BSE, down 15.4% from its previous close. It closed the Tuesday session 12% lower at Rs 580.25.
PB Fintech, in a regulatory filing late Monday, said “We hereby submit that the company has received an intimation from 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.”
It added that the aggregate shareholding of Dahiya as of March 31, 2022, was 1,90,08,349 (4.23%) and post-exercise of 55,09,601 ESOPs during May 2022 his aggregate shareholding increased to 2,45,17,950 (5.45%). Stating the reason for the stake sale, the company said, “As the ESOPs are subject to payment of taxes on exercise in addition to the payment of capital gain tax on the sale of shares, the proceeds from the sale of the 37,69,471 shares are proposed to be used to make the payment of current and future taxes.”