According to NSE data, PB Fintech’s shares fell 36% to ₹1,200 from ₹1,800 the previous day, marking the steepest single‑day decline for the stock in its 52‑week history.
The IRDAI draft, released Thursday, capped distribution commissions at 15% from the prior 25% and banned dark‑pattern sales tactics, directly impacting PB Fintech’s revenue model. The company’s market cap fell from ₹20,000 crore to ₹17,000 crore, a loss of ₹3,000 crore in a single session.
Turtlemint, IPOed just three months ago at ₹152, slid 43% to ₹91, a decline of ₹61 per share, erasing ₹7,200 crore in market cap. The same regulatory announcement triggered the sell‑off, and the stock has since hovered below its listing price of ₹1,150.
The broader market mirrored the turbulence: the Nifty 50 slipped 0.3% to 18,200, while US 10‑year yields climbed to 5.2%, the highest since 2007. Analysts warn that further regulatory tightening could depress insurance equities; PB Fintech may seek a rebound after a potential re‑pricing in Q3, according to Bloomberg analyst Rohan Kapoor.