India, July 3 -- Shares of PB Fintech, the parent company of Policybazaar, plunged over 8% in early trade after a block deal worth about Rs.1,741 Cr saw nearly 2.37% of the company's equity change hands.

The stock hit an intraday low of Rs.1,544.45 on the BSE, down over 8% from the previous close. It later recouped some of the losses to trade around 6% lower at Rs.1,575 apiece at 10:35 IST, taking the company's market capitalisation to Rs.72,745 Cr (about $8.6 Bn).

The decline came amid reports that Singapore's sovereign wealth fund Temasek Holdings was looking to pare its stake in the insurtech major through a block deal.

According to a Mint report, Temasek, through its subsidiary Macritchie Investments Pte, planned to sell up to 1.19...