Gross direct premium income (GDPI) dropped 5.3% YoY, negatively impacted by Motor GDPI (adversely impacted by lockdown) and Health, Travel & PA (owing to lower disbursement from Banks and NBFCs). We expect steady performance from P&C; segment and Motor segment should do well in the coming quarters given the regulatory changes. Given limited upside, we maintain our HOLD rating on the stock with a revised target price of Rs. 1,398 based on 7.5x FY22E BVPS. Industry GDPI weighed down by COVID...