PB Fintech extends losing streak to 7 sessions, stock hits 32-month low
PB Fintech, the parent company of Policybazaar, has seen a significant decline in its stock value. Following a consultation paper from Irdai proposing caps on distributor commissions, the stock price has plummeted. The market capitalisation fell f...
By ET Bureau | Updated:
Agencies
Mumbai: PB Fintech, parent of online insurance distribution platform Policybazaar, extended its decline for a seventh straight session in Monday's trading, wiping out more than ₹42,000 crore in market capitalisation and pushing the stock to a nearly 32-month low.
The decline comes after the Insurance Regulatory and Development Authority of India (Irdai) released a consultation paper on September 23 proposing caps on distributor commissions.
Read more: Sebi to partly reverse derivative settlement rules after pushback: Report
The stock closed at ₹980, a level last seen on February 16, 2024, down 0.3% from Thursday's close. Over the past seven sessions, PB Fintech's market capitalisation has fallen from around ₹87,290 crore to ₹45,174 crore. The stock has lost over 48% during the period.
Read more: PTC shares soar nearly 34% after Schneider Electric agrees to $22.6 billion buyout
The stock is now back at its IPO price of ₹980. PB Fintech made its stock market debut in November 2021.
The decline comes after the Insurance Regulatory and Development Authority of India (Irdai) released a consultation paper on September 23 proposing caps on distributor commissions.
Read more: Sebi to partly reverse derivative settlement rules after pushback: Report
The stock closed at ₹980, a level last seen on February 16, 2024, down 0.3% from Thursday's close. Over the past seven sessions, PB Fintech's market capitalisation has fallen from around ₹87,290 crore to ₹45,174 crore. The stock has lost over 48% during the period.
Read more: PTC shares soar nearly 34% after Schneider Electric agrees to $22.6 billion buyout
The stock is now back at its IPO price of ₹980. PB Fintech made its stock market debut in November 2021.
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