IGI Prudential Share Price Plummets Following High Insurance Claims
Kathmandu — IGI Prudential Insurance’s share price witnessed a sharp decline after the company received insurance claims totaling around 1.59 billion rupees for damages caused during the recent Gen Z protests. The claims cover 24 separate incidents reported by the company.
Following the announcement, the Nepal Stock Exchange (NEPSE) index closed in a negative circuit for the third consecutive day. Trading in IGI Prudential shares was extremely limited, lasting only about four minutes.
On Thursday, the company’s share price dropped by 51.42 rupees to close at 463 rupees per share. During this period, a total of 722 shares worth just 348,956 rupees were traded, highlighting a sharp decrease in market activity.
The high volume of insurance claims has triggered concern among investors over the company’s financial stability and its capacity for future dividend distribution. Many investors have chosen to cut losses by selling shares purchased at higher prices, resulting in significant losses for shareholders.
Market analysts warn that the large claims may negatively affect IGI Prudential’s upcoming quarterly financial results.