Shares of Star Health and Allied Insurance Co Ltd fell more than 7% on May 26 after a blockbuster trade in which 7.37 million shares, or a 1.3% stake in the company, changed hands in a series of deals, Bloomberg reported. However, the details of the buyer and seller are not yet known.
The stock touched a low of Rs 539.20 on the BSE, having fallen as much as 7.66% intraday. The stock was trading at Rs 547 on the BSE at 10:37 am, down 6.33% from its previous close.
Recently, the company posted a stand-alone net profit of Rs 102 crore for the quarter ended March 2023, compared to a net loss of Rs 82 crore in the same period last year. Gross written premiums (GWP) in the March quarter rose by 14% to Rs 4,199 crore. It reported a solvency ratio of 2.14 for the quarter, compared with the minimum requirement of 1.5.
The retail health insurance premium industry grew by 18% to Rs 1,194.8 crore, while its market share in the general insurance industry in India was 34%.