ICICI Prudential Share Price: A bullish phase is being seen in the Indian stock market today. Sensex is up 310 points at 12 noon. Whereas, Nifty is trading above 22,459 points. However, even amid this boom, shares of private sector insurance company ICICI Prudential fell by almost seven percent on Wednesday. The company’s stock has come down after it reported a 26 percent decline in its net profit in the January-March quarter of the last financial year. The share fell 6.73 percent to Rs 553.15 on BSE. Whereas, in the National Stock Exchange it fell by 6.24 percent and stood at Rs 556.75.
How was the company’s last quarter results?
ICICI Prudential on Tuesday said its net profit declined 26 per cent to Rs 174 crore for the quarter ended March 31 due to higher expenses. The insurance company had a profit of Rs 235 crore in the fourth quarter of 2022-23. ICICI Prudential’s net profit for the full financial year 2023-24 increased by five percent to Rs 852 crore. The net profit in the financial year 2022-23 was Rs 811 crore.
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How is the stock performing?
The company’s shares are trading at Rs 575.05, down 3.17 percent i.e. Rs 18.80 at 12.15 pm. Today during trading it has fallen to Rs 556.75. ICICI Prudential stock has given a negative return of 5.61 percent in the last five trading days. Whereas, on six-monthly basis the company has given a return of 10.91 percent. On an annual basis, investors have received a return of 29.91 percent.
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What do experts say
Nuvama Institutional Equities said that ICICI Prudential Life is rearranging its business to drive growth. The brokerage is building on structurally lower margins as it has reduced its FY25E and FY26 VNB estimates by 2.5 per cent and 0.9 per cent respectively. Our target price is unchanged at Rs 590 based on DCF-derived FY25E/26E P/EV of 1.8/1.6 times, Nuvama said. Maintain ‘Hold’ as there is no demand for valuations.