PB Fintech shares drop nearly 3% on SEBI notice to CEO over $2-million investment in Dubai

PB Fintech Ltd, parent company of Policybazaar.com, saw a 3% drop in its shares following SEBI's notice to CEO Yashish Dahiya over a $2 million investment in Dubai. The investment acquired a 26.72% stake in YKNP Marketing Management. PB Fintech clarified that the investment wasn't considered UPSI due to its non-material value. \r

While there's no significant impact on the company's financials, it's seeking legal advice on the matter. Despite an initial rise, PB Fintech shares fell by 2.83% to ₹1,252.75 apiece. Chinese conglomerate Tencent sold 33 lakh shares for ₹415 crore, reducing its stake to 0.73%. \r

This follows Tencent's earlier sale of 55 lakh shares for ₹677 crore. At 12:09 pm, PB Fintech shares were trading 0.46% lower at ₹1,283.45 on the NSE.