Niva Bupa Health Insurance Share Price soared 15 per cent in intraday trade on Wednesday amid heavy trade volume. The health insurance sector stock surged over 27% in the last two trading sessions following reports claiming a reduction in the Goods and Services Tax (GST) rate on health and life insurance policies.

At around 11:45 am, Shares of Niva Bupa were trading at Rs 92.00 per share, up 12.29 per cent on NSE against the previous closing price. The stock opened at Rs 82.84 in the morning and soared to hit an intraday high of Rs 94.37 on NSE, a new 52-week high. Meanwhile, the 52-week high and low of the stock stood at Rs 94.37 and 69.21 respectively.

Niva Bupa shares recovered 36 per cent from its 52-week low price of Rs 69.21 which they hit on November 18. Earlier the stock plunged below its IPO price of Rs 72 per share. The Niva Bupa share made its debut on stock exchanges on November 14.

Niva Bupa Stock's Performance

In a week-  Considering the share price of Niva Bupa in the afternoon on Wednesday, the stock has soared up to 20% in a week.

In a month-  In the last 30 days the stock surged over 15% against its IPO Price.

Also Read: RBI Monetary Policy Meeting December 2024: MPC Meeting Begins Today To Decide Interest Rate; Details

Insurance Cost Likely To Reduce: Finance Minister

Finance Minister Nirmala Sitharaman said on Monday that the insurance cost of policyholders is likely to decrease if the GST Council recommends a decrease in GST rates on health and life insurance policies, PTI reported.

In a written response to the Lok Sabha, she said that the GST Council, in its meeting on September 9, recommended the formation of a ministerial group to holistically look into issues related to GST on life insurance and health insurance, the news agency reported.

Nibha Bupa has clarified that it has not received any official communication from any government authority or department regarding the change in the GST rate on health insurance premiums.

Also Read: Reliance Power Share Price Surges 5% To Hit Upper Circuit After SECI Withdraws Debarment Notice

Disclaimer: This is only a piece of News of recent development in the stock. Jagran does not advise investing, please take expert opinion before investing.