ICICI Prudential touches a lower circuit after insurance firm clocks weak December quarter numbers

ICICI Prudential Share Price: ICICI Prudential touched a lower circuit of Rs 463.50, or 10 per cent, on BSE on Thursday (January 18, 2024) after the insurance company reported weak December quarter numbers a day ago. 

The stock of the company was trading lower by 5.83 per cent, or Rs 30, at Rs 485 at 10:45 am on Thursday. 

The stock that closed the trading session at Rs 515.00 on Wednesday started the session on Thursday at Rs 464.90. It took it a few minutes to hit the lower circuit of Rs 463.50.

ICICI Pru Q3 results

In the results announced on Wednesday, the insurance company from ICICI reported a below estimate standalone profit of Rs 227 crore, which was 2.7 per cent up from Rs 221 crore Year-on-Year (YoY).

Zee Business research estimated the profit to be Rs 245 crore.

The company's net premium was also up by 4.9 per cent to Rs 9929 crore in the quarter under review from Rs 9465 crore a year ago, but it was below the analysts' estimate of Rs 9785 crore.

ICICI Prudential's annual premium equivalent (APE) also saw a jump of 4.6 per cent to Rs 1907 crore in Q3 FY23-24 from Rs 1822 crore in Q3 FY22-23.

It beat research estimtates of Rs 1878 crore.