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New India Assurance shares tank 15.6% after decline in Q3 net profit

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NewsDrum Desk
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New Delhi: Shares of The New India Assurance Company Ltd on Monday tanked more than 15 per cent after the general insurer reported a decline in net profit in the December quarter.

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The scrip of the company plummeted 15.66 per cent to settle at Rs 245.40 apiece on the NSE.

On the BSE, New India Assurance Company's stock slipped 15.14 per cent to close at Rs 246.90 per share.

As many as 56.56 lakh shares were traded on the NSE during the day, while 6.93 lakh shares exchanged hands on the BSE.

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The 30-share benchmark BSE Sensex fell 523 points, or 0.73 per cent, to finish at 71,072.49, while NSE Nifty slipped 0.76 per cent to close at 21,616.05 points.

On Friday, the New India Assurance Company Ltd reported a 4.5 per cent fall in net profit to Rs 715 crore in December quarter due to underwriting losses.

The company had posted a net profit of Rs 749 crore in the year-ago period.

Its total income rose to Rs 10,630 crore in the third quarter of the ongoing fiscal from Rs 9,746 crore 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.

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