Shares of Star Health and Allied Insurance Company hit 52-week low today amid the ongoing market turmoil. The stock fell 1.88 per cent intraday to Rs 503 against the previous close of Rs 512.65 on BSE.
The stock forms part of ace investor Rakesh Jhunjhunwala’s portfolio.┬а Jhunjhunwala is a promoter of Star Health. He (14.40 per cent) and his wife Rekha Jhunjhunwala (3.11 per cent) held 17.51 per cent stake in the firm as of the March 2022 quarter, shareholding pattern data show.
Shares of Star Health Insurance have slipped 40.47 per cent from their listing price of Rs 845 on December 10, 2021. They are down 44.11 per cent from their IPO price of Rs 900.
Also read: This multibagger Rakesh Jhunjhunwala stock is on a roll; hereтАЩs why
The stock has lost 36 per cent his year and fallen 24 per cent in a month. Star Health Insurance stock is trading lower than 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
The market cap of the insurer fell to Rs 29,067 crore on BSE. Total 0.20 lakh shares changed hands amounting to a turnover of Rs 1 crore on BSE.
Also read: This Rakesh Jhunjhunwala-backed stock rises over 2% on nod to interim dividend
In Q4 of the previous fiscal, 1,79,064 public shareholders held 41.10 per cent in the firm. Five promoters held 58.90 per cent stake or 33.89 crore shares in the last quarter. 1,77,374 shareholders held 70.28 lakh shares of the firm, amounting to a stake of 1.22 per cent with an individual share capital of up to Rs 2 lakh.
24 public shareholders held 19.16 lakh shares of the firm, amounting to a stake of 0.33 per cent with an individual share capital of over Rs 2 lakh.
The company reported a narrowing of net loss to Rs 82.04 crore for the quarter ended March 31, 2022 against loss of Rs 956.92 crore for the quarter ended March 31, 2021.
Total income in Q4 stood at Rs 2740.38 crore for the quarter ended March 31, 2022 as compared to Rs 748.54 crore during the quarter ended March 31, 2021.
Also read: This stock owned by Rakesh Jhunjhunwala rises 15% as Nomura sees 115% upside
Here’s a look at what analysts and brokerages said about the prospects of the stock hitting a new low today.
Pavitraa Shetty, Co-founder & Trainer, Tips2Trades
“After the initial euphoric listing, as expected recent IPO listings including Star Health have taken a beating with many trading below their listing price due to the weak market sentiment. Technically, Rs 555 remains massive resistance. If the stock doesn’t close above Rs 555, a downside could be seen till Rs 430 in the coming weeks.”
┬аEmkay Global has given a buy tag to the stock with a target price of Rs 945.
“Overall, Star Health remains an attractive story in a sunrise sector. In our view, 1-2 quarters of profitable growth delivery will likely lead to a material outperformance of Star Health’s shares. The recent steep fall in the share prices provides an attractive entry point. We have a Buy rating on the stock with a target price of Rs 945.”
Also read: Rakesh Jhunjhunwala Portfolio: ICICI Securities bets on this stock; here’s why
