Shares of Go Digit General Insurance slumped 5.7% during the intraday trade today (November 18) on the BSE to touch INR 313 apiece
Go Digit’s shares are on the red for the fourth straight session, as of now
The insurtech company saw its profit after tax (PAT) soar 221% to INR 89.47 Cr in the second quarter FY25 from INR 27.69 Cr, a year ago
Shares of Go Digit General Insurance slumped 5.7% during the intraday trade today (November 18) on the BSE to touch INR 313 apiece.
As of 1:32 PM, the company’s stock was down 5.6% at INR 313.45, as compared to INR 332.00 from its previous close on Thursday (November 14).
Go Digit’s shares are on the red for the fourth straight session, as of now.
The Virat Kohli-backed startup’s stock decline comes at a time when the broader new age tech stocks have been losing heavily in the past week.
24 new-age tech stocks, under Inc42’s coverage, fell in a range of 0.08% to about 17% in the past week.
Weak financials of new age tech companies in the second quarter of FY25 and continuing FII outflow resulted in the Indian equities market ending in the red this week as well.
Unlike the broader new age companies’ weak financial performance, Go Digit posted strong second quarter results, a few weeks ago, where its profit after tax (PAT) soared 221% to INR 89.47 Cr in the second quarter of the fiscal year 2024-25 (Q2 FY25) from INR 27.69 Cr, a year ago.
Meanwhile, the company’s total gross written premium (GWP) rose 14.2% to INR 2,368.57 Cr in the quarter ended September from INR 2,073.84 Cr in Q2 FY24.
Founded in 2017 by Kamesh Goyal, Go Digit leverages technology to offer insurance policies across verticals such as health, motor vehicle, travel, and property. The startup is backed by the likes of Fairfax, Peak XV Partners, A91 Partners, among others.
The company went public on May 23, at a share price of INR 281 apiece. On the BSE, the startup’s shares were listed at INR 281 apiece, which was a 3.3% jump from the issue price.
