HSBC said the lacklustre equity markets could negatively impact both ULIP sales and profitability of ICICI Prudential Life.
ICICI Prudential Life Insurance Company shares fell 3.6 percent intraday on Monday after global brokerage house HSBC slashed price target of the stock.
The research house reiterated its buy call on the stock, but lowered price target to Rs 380 (from Rs 400 earlier) after a cut in its annual premium equivalent (APE) and new business value (NBV) growth estimates.
HSBC said the lacklustre equity markets could negatively impact both ULIP sales and profitability of the company. It sees 2 percent APE growth (against 11 percent earlier), implying 15 percent growth YoY for remainder of the year.
Company disclosed its November premium data to allay investor fears following a dismal October.
At 11:20 hours IST, the stock was quoting at Rs 308.45, down Rs 6.35, or 2.02 percent on the BSE.
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