PB Fintech faces cuts after India insurance proposal
PB Fintech plans to cut costs and slow hiring after Indian regulators proposed new insurance commission caps. The policy changes threaten non-life revenue and triggered a sharp drop in shares.
Xurve View
Insights:
Xurve View
PB Fintech Ltd shares plunged 36% in India during Thursday morning trading after regulators proposed caps on insurance commissions. The drop wiped out 314 billion rupees ($3.27B) in market capitalization during the worst one-day decline in company history. Co-founder and group CEO Yashish Dahiya told analysts the rules would severely disrupt the non-life insurance segment, prompting immediate spending cuts and a slower hiring pace.
