PB Fintech, Polikebazaar and Paisabazaar’s policy policy company, stock prices fell more than 10 percent after the stock sales report by the founder.

PB Fintech Ltd. went to TailSpin after a large block deal, which saw around 64.7 lakh stocks renamed in trading gathered, report CNBC TV. Buyer details and sellers are not available.

The agreement block involves around 1.4 percent of the shares worth RS 534 Crore on average RS 822 a stock, said CNBC-TV18.

PB Fintech Share fell 10.48 to reach a low RS 776.40 at BSE. At 1.32 in the afternoon, the script was traded at Rs 796.65 on BSE, down 8% from the previous close.

PB Fintech shares opened sharply after the MoneyControl report said that Koinfer Yashish Dahiya and Bansal Alok would sell 2.4 percent in a company worth $ 130- $ 140 million. A block agreement will be made at a 0-2 percent discount for the price of closing PB Fintech on January 10 which is at RS 868.10 per share. Dahiya will sell up to 70 stocks and bansal will sell 38.9 shares of Lakh, added moneyControl reports.

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The founder’s cumulative pegs will decrease to 8.01 percent derencal from 10.33 percent at this time. Previously, the Co-Founder, along with the wife of Dahiya Shika Dahiya and several other shareholders had reduced the number of sales of their shares in run-up to the company’s IPO in November 2021.

Recently, the company reported Consolidated Net Sales of Rs 367.28 Crore in the December quarter against Rs 212.09 Crore a year ago. Clean loss for the quarter stood at RS 298 Crore versus Rs 19.12 Crore a year ago. EBITDA for the quarter was negative RS 283 Crore from RS 3.62 Crore a year ago.

Insurance premiums grew by 68% year to year to RS 1796 Crore while lending rose 94% to RS 1926 Crore.