Star Health hits record low; drops 15% in six days

22 Jun 2022 , 03:01 PM

Shares of the general insurance company have lost 15% in six trading days from its previous closing high of Rs 703.35 on 14 June 2022. The stock hit a record low of Rs 595 in intraday today. From its 52-week high of Rs 940 hit on 10 December 2021, the stock has lost 36.4%. In last one month, the stock has declined 19.5%, underperforming the benchmark Nifty 50 index which slipped 4.7% in the same period. On the technical front, the stocks daily RSI (relative strength index) stood at 30.266. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30. In daily chart, the stock is trading below its 50 and 100 days simple moving average placed at 689.84 and 699.38 respectively. These levels will act as crucial resistance zones in near term. Star Health and Allied Insurance Company is the largest private health insurer in India with a market share of 15.8% in the Indian health insurance market in FY2021 in terms of Gross Written Premium (GWP). The company was the first standalone health insurance company established in India in 2006. The company is supported by promoters, including Rakesh Jhunjhunwala, Safecrop Investments India LLP, and WestBridge AIF I. Star Health reported a net loss of Rs 82.04 crore as against a net loss of Rs 956.92 crore in Q4 FY22 over Q4 FY21. Total income grew 256.2% YoY to Rs 2802.18 crore during the quarter. Powered by Capital Market – Live News