Policybazar CEO Yashish Dahiya to sell 38 lakh company shares.

Policybazar’s share price dropped after CEO Yashish Dahiya’s decision to sell company shares. On June 7, the company saw a crash of over twelve percent. Shares worth 38 lakhs were sold in the market through bulk deals. Investors are not happy with the deal.

The company hit an intraday low of ₹568.60 on NSE, on June 7. This was lower than the previous day by approximately 13 percent. The price on the previous day was ₹658.75. The company’s market capitalization was reduced by ₹3000 crores. It was recorded that Dahiya sold the company shares, at a lower rate than the company founder had sold.

About Policybazar

Policybazar is an Indian online insurance company, founded in 2008. It is an online platform for buying and selling insurance. It was founded by Yashish Dahiya, Alok Bansal, and Avneesh Nirjaar. Starting as an insurance comparison portal today the company holds over 80 percent of the market share. The company is a subsidiary of PB Fintech Ltd. Paisa Bazar, a money lending company is also a subsidiary of the same parent company. The company offers insurance with its 52 insurer partners.

The company has raised $366 million so far in 7 rounds of funding. Its key investors include Soft Bank Group and Info Edge. In November 2021 the company launched its public IPO and raised ₹5,709 crores. Currently, its stock is 52 percent which is lower than its IPO price by around 40 percent. 

Yashish Dahiya

He is one of the co-founders of the company and the current CEO. His announcement to sell his own company shares was a matter of concern for investors. In March 2022 he had a shareholding of 4.23 percent. It is currently increased to 5.45 percent which also includes ESOPs. He has intimidated the company’s board, with his plan to share 37,69,471 company shares. He wants to sell his shares via bulk deals on the stock exchange. Investors say that his decision is valid as the company has experienced a fall of around 70 percent since its listing. The company has also lost its major market share since 2021. 

His decision has left many investors questioning their decisions. The company has not yet officially quoted anything. The market crash for the company has been a hit. The share price has reduced tremendously. We are still waiting for the company to officially announce the decision.