Shares of PB Fintech, Turtlemint, SBI Life Insurance, HDFC Life Insurance and ICICI Lombard General Insurance, among others, tumbled up to 26% on Thursday after the Insurance Regulatory and Development Authority of India (Irdai) proposed prohibiting ‘dark patterns’ on insurance websites. This prohibition includes practices that require customers to provide personal details before accessing product features and pricing information.
In today's session, PB Fintech hit a 26% lower circuit of Rs 1,399, while newly-listed Turtlemint hit a 20% lower circuit of Rs 109 per share on the BSE. SBI Life Insurance declined over 3% to Rs 1,700. Private player HDFC Life Insurance crashed as much as 7% to Rs 523 per share.
