Temasek takes profit on insurance portal Policybazaar as India’s tech stocks rally

SINGAPORE state investor Temasek has sold a 5.4 per cent direct stake in India-listed PB Fintech, which, sources said, locks in an internal rate of return of 40 per cent.

The sale follows a 129.4 per cent gain in the shares of PB Fintech over the past 12 months, as India’s stock market powered into fourth position among Asia’s markets last year. The three best-performing markets were, in order, Japan, Taiwan and South Korea.

India’s tech stocks have gained a particularly strong following, in line with a rebound in global tech players.