Shares of Policybazaar-parent PB Fintech recorded a historic 36% plunge in a single session, wiping off around Rs 31,430 crore from its market value following IRDAI’s proposed overhaul of the insurance sector. However, Jefferies still held its ‘Buy’ call on the stock while flagging a possible material adverse impact on the company’s near-term earnings.
PB Fintech shares breached multiple circuit limits on Thursday to crash 36% to a 52-week low, recording the worst single-day plunge in its history. This came after the Insurance Regulatory and Development Authority of India (IRDAI) proposed a major overhaul of the way insurers pay commissions to distributors, with limits linked to the type of product, distribution channel, policy size, and the effort required to sell.
