ICICI Lombard General Insurance has lost an appeal before the Delhi State Consumer Commission regarding a denied health insurance claim.
The commission dismissed the insurer's case after it failed to submit its written statement within the legally mandated timeframe, effectively forfeiting its opportunity to defend the decision to cancel the policy and reject the Rs 37,950 claim.
The sell-off was driven by a severe deterioration in first-quarter profitability, with the company reporting a 46% year-on-year decline in net profit.
The ruling underscores the operational risks facing the insurer as it navigates a period of significant financial strain.
ICICI Lombard shares recently tumbled nearly 15% to ₹1,544.40 on the BSE, hitting a fresh 52-week low.
The sell-off was driven by a severe deterioration in first-quarter profitability, with the company reporting a 46% year-on-year decline in net profit.
This legal setback compounds the negative sentiment surrounding the stock.