ICICI Prudential shares tank nearly 7% after earnings announcement

New Delhi: Shares of ICICI Prudential on Wednesday declined nearly 7 per cent after the company reported a 26 per cent drop in net profit for the quarter ended March 31.

The stock dipped 6.73 per cent to Rs 553.15 on the BSE.

On the NSE, it went lower 6.24 per cent to Rs 556.75.

ICICI Prudential on Tuesday reported a 26 per cent drop in net profit to Rs 174 crore for the quarter ended March 31 on higher expenses.

The private sector insurer had a profit of Rs 235 crore in the fourth quarter of 2022-23.

The insurer's net premium income rose 17 per cent to Rs 14,788 crore in the March quarter compared to Rs 12,629 crore in the year-ago period.

The company's expenses of management rose 10 per cent to Rs 2,550 crore in the fourth quarter of FY24, from Rs 2,320 crore at the end of the March quarter of 2022-23.

For the full 2023-24 fiscal, ICICI Pru's net profit rose 5 per cent to Rs 852 crore. In 2022-23 fiscal, the net profit was Rs 811 crore.