PB Fintech loses Rs 22,700 cr from market value as stock crashes 26% after IRDAI’s reform plans. What Citi and Jefferies are warning

PB Fintech shares plunged 26%, wiping out nearly Rs 22,703 crore from its market capitalisation after IRDAI proposed changes to insurance commission structures. Jefferies flagged risks to distributor earnings, while Citi warned of a potential sharp compression in distribution economics across several high-margin insurance categories.