New India Assurance stock sinks after Q3 profit decline, drops by 11%

Shares of The New India Assurance Company Ltd plummeted 11 per cent on Monday after the general insurer reported a decline in net profit in the December quarter.

The scrip of the company plunged 10.95 per cent to trade at Rs 259.10 apiece on the BSE.

On the NSE, New India Assurance's shares tumbled 10.91 per cent to trade at Rs 259.20 per piece.

In mid-session trade, 30-share benchmark BSE Sensex slipped 384.01 points or 0.54 per cent to trade at 71,211.48, while NSE Nifty declined 0.56 per cent to trade at 21,660.65 points.

On Friday, the New India Assurance Company Ltd reported a 4.5 per cent fall in net profit to Rs 715 crore in the quarter ended December 2023 due to underwriting losses.

The company had a net profit of Rs 749 crore in the same quarter a year ago. Its total income rose to Rs 10,630 crore in the third quarter of 2023-24 from Rs 9,746 crore in the same period 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.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)