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The Economic Times
The Economic Times
Business
Debaroti Adhikary

PB Fintech shares crash 36%, bloodbath wipes off Rs 31,426 cr from m-cap after IRDAI’s reform plans. What Citi and Jefferies are warning

PB Fintech IRDAI Jefferies Citi IRDA fintech Insurance Debaroti Adhikary Turtlemint Economy

Shares of insurance distributor PB Fintech, the parent company of Policybazaar, bore the brunt of IRDAI’s proposed overhaul of the insurance sector, with the stock crashing a whopping 36% on Thursday and wiping out more than Rs 31,426 crore from its market capitalisation in just one session.

PB Fintech shares breached multiple circuit limits, crashing 36% to close at a 52-week low of Rs 1,207 apiece on the NSE. The stock today recorded its worst single-day plunge since listing in November 2021.

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