PB Fintech crashes 36%, Turtlemint 20% as IRDAI overhaul rattles insurance stocks

The insurance market experienced a sharp jolt on Thursday as investors scrambled to price in the sweeping changes proposed by the country’s insurance regulator. Shares across the sector tumbled after the Insurance Regulatory and Development Authority of India (IRDAI) released a consultation paper aiming to overhaul the commission structure for insurers and distributors, sparking fears of a sharp contraction in industry earnings. The hardest hit was PB Fintech, the parent company of digital aggre