ICICI Lombard share price falls over 3% despite rise in Q3 profit

ICICI Lombard shares fell over 3% on Monday despite the company reporting 23% year-on-year (YoY) rise on its December quarter consolidated net profit at Rs 294.11 crore. The company had reported Rs 239 crore net profit in Q3 December 2018. The firm's total income rose 15.6% to Rs 2914.89 crore in Q3FY20 over Q3FY19.

Following the result update, the share price of ICICI Lombard touched an intraday low of Rs 1,363, falling 3.43% on BSE. The stock is trading higher than its 5, 50, 100 and 200-day moving averages but lower than 20-day moving averages.

The stock has risen 2.16% in one week but fallen 2% in one month and 0.50% year-to-date.

Volume-wise, 0.17 lakh and 2.3 lakh shares were trading on BSE and NSE counters. Market depth data on BSE suggested 53% sellers against 47% buyer for the stock.

Ahead of the result, shares of ICICI Lombard fell 0.17% to close at Rs 1,411.35 on Friday.

Underwriting loss rose to Rs 194.32 crore in Q3FY20 compared to Rs 90.34 crore in the same quarter of previous fiscal. GDPI (gross direct premium income) remained flat at Rs 3693 crore in Q3FY20 compared to Rs 3699 crore in Q3FY19.

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