Economy · India
Insurance regulator's move triggers ₹1.12 lakh crore market cap loss
Indian financial stocks experienced a significant selloff on Thursday, resulting in a market capitalisation erosion of ₹1.12 lakh crore. The decline was attributed to proposed changes by the Insurance Regulatory and Development Authority of India (IRDAI) concerning insurance distribution and commission structures. PB Fintech and Turtlemint were among the companies whose business models were pressured by these changes. Bajaj Finance, PB Fintech, HDFC Bank, and Axis Bank witnessed the highest wealth erosion.
How outlets across the spectrum covered it
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- Centre (4): Business Standard, Business Today, Mint, The Financial Express
- International (1): Bloomberg