Saga Group Limited is a UK-based provider of holidays, cruises, magazines, insurance and financial product. The company offers a range of insurance products and services, including health, personal accident, caravan, motorhome, motorbike, car, van, home, landlord, pet, travel, boat, and breakdown as well as life insurance products. It also offers international payment services and an accidental death benefit product. Its shares in Wednesdayâs session witnessed a steep plunge, post company undercut its target dividend pay-out and raises concerns that profits would be dent by the Brexit and thin insurance margins. The group, which is catering around 2.1 mn customers, fell into the red zone as it reported before tax loss of Â£134.6 mn for the financial year ended January 31.[optin-monster-shortcode id="wxhmli4jjedneglg1trq"] Saga Plc is planning to revamp its insurance division where margins have fallen sharply on account of intense competition in the motor and home insurance market, but this will not lead to any job cuts. Premium realised from car insurance also plunged on account of changes in an increase in payouts to victims of the car accident. The company announced that it would consider a different approach for selling insurance funds, from one that attracts new customers through lower price and retrieve initial losses through higher renewal rates. The group is also planning to reposition its motor and home insurance products with a three-year fixed price offer, so that customer don't claim within the period. Meanwhile, the group has written down its insurance division value by Â£300 mn, a step cut that brought down full-year results into red and undercut its dividend as well. During Wednesday's market session, shares of Saga Plc plunged by 37.03% and ended the market session at GBX 67.25. SAGA PLC Price Chart (as on April 05, 2019). (Source: Thomson Reuters) At the time of writing (as on April 05, 2019, at 03:49 PM GMT), shares of SAGA PLC were quoting at GBX 67.10 and declined by 0.35 points or 0.52% against its previous day close. The outstanding market capitalisation of the SAGA Plc plunged to around Â£750 mn. During the last one year, shares of SAGA Plc have registered a 52w high of GBX 141.20, and a 52w low of GBX 64.10 and at the current price level as quoted in the price chart, shares were trading 52.37% lower against its 52w high and 4.9% above its 52w low price. Shares were trading 42% lower than the 200-day SMA, that indicates a long term down-trend in the share price and near-term price recovery seems to be challenging. From the volume standpoint, stock's 5-day average daily volume traded on the London Stock Exchange was 203% higher against the 30-day average daily volume, which indicates a selling stampede in the stock. After a steep plunge in the stock price, stock's one-year price return stood at negative 40.49%, and one-month price return stood at negative 45.63% respectively.