ICICI Prudential share falls after weak results

ICICI Prudential Life Insurance Company share price sunk over 11 percent after company announced 34 percent fall in net profit for the third quarter ended Dec 31, 2018.

The Company has announced a 34.36 percent year-on-year fall in its Q3 net profit at Rs 296.77 crore, recording 35.26 percent dip in total income to Rs 8,786.70. The company witnessed a drop of 84 percent year-on-year drop in its Q3 net income from investments to Rs 1,047.77 crore. The result was announced post market hours Tuesday, 22 Jan 2019.

Reacting the results, ICICI Prudential Life Insurance Company stock which opened at Rs. 330 per share, currently trade lower to Rs. 305.65 down by 11.41 percent or Rs. 39.35 on the NSE, post lunch hours of trade, Wednesday. Meantime, Benchmark Sensex traded lower by 203 points at 36,214-mark, and the NSE Nifty50 down by 51.55 points at 10,881-level at 2.40 pm.

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