On the technical front, the stock's daily RSI (relative strength index) stood at 49.13. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading below its 50-day, 100-day and 200-day simple moving average (SMA) placed at 552.96, 615.01 and 742.81, respectively. These levels will act as crucial resistance zones in near term.

On the BSE, 57,089 shares were traded in the counter so far compared with average daily volumes of 64,147 shares in the past two weeks. The stock hit a high of Rs 553.95 and a low of Rs 525 so far during the day.

The stock hit a 52-week high of Rs 1470 on 17 November 2021. The stock hit a 52-week low of Rs 455 on 27 July 2022.

The stock had underperformed the market over the past one month, rising 6.17% compared with 6.58% increase in the Sensex.

The scrip underperformed the market in past one quarter, falling 20.62% as against Sensex's 10.58% increase.

Meanwhile, PB Fintech's board on Tuesday (23 August) approved incorporation of a stepdown wholly owned subsidiary of PB Fintech FZ-LLC (a wholly owned subsidiary of the company) in Abu Dhabi. The stepdown subsidiary will extend group's technology hub in UAE and provide end to end tech solutions.

The compay's board also approved investment of $4 million in the shares of YKNP Marketing Management, a Limited Liability Company ("LLC"), through PB Fintech FZ-LLC.

Further, the board approved investment of upto Rs 250 crore in one or more tranches in Paisabazaar Marketing and Consulting, a wholly owned subsidiary of the company, during the financial year 2022-23.

The board also approved investment of upto Rs 650 crore in one or more tranches in Policybazaar Insurance Brokers, a wholly owned subsidiary of the company during the financial year 2022-23.

PB Fintech, the owner of Policybazaar and Paisabazaar platforms, is India's largest online platform for insurance and lending products.

PB Fintech reported net loss of Rs 204.33 crore in Q1 FY23, higher than net loss of Rs 110.84 crore in Q1 FY22. Revenue from operations surged 112.51% year on year to Rs 505.19 crore in the quarter ended 30 June 2022.