ICICI Lombard slips 5%; stock hits lowest level since May 2020

Muted business growth in two years coupled with higher claims led by covid-19 resulted in the recent underperformance.

Shares of ICICI Lombard General Insurance Company hit two-year low of Rs 1,144 and slipped 5 per cent on the BSE in Tuesday’s intra-day trade, on concerns of further waves of COVID-led claims. The stock of general insurance company traded at its lowest level since May 2020 and underperformed the market due to disappointing earnings.

In the past one week, the stock declined 9 per cent, as compared to 0.81 per cent fall in the S&P BSE Sensex. It slipped 20 per cent in a year, as against 5 per cent rise in the benchmark index. Further, in three