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PB Fintech shares extend losses, down 41% over four sessions
Bernstein kept an Outperform rating with a target of ₹2,310, even as it estimates proposed insurance distribution changes could cut take rates by 40% and FY28 revenue by 36%.
PB Fintech shares fell more than 5% on September 29, extending a sell-off that has wiped out around 41% of the stock’s value over four sessions, according to LiveMint Markets. The Policybazaar parent stock also saw an early rebound of more than 3.5% on Monday after the latest analyst note.
LiveMint Markets said Bernstein retained an “Outperform” rating and set a target price of ₹2,310 per share, implying upside of more than 98% versus PB Fintech’s Friday closing price. Bernstein also flagged that proposed changes to India’s insurance distribution framework could significantly affect earnings.
The brokerage estimated the proposed regulatory framework could lead to a 40% reduction in insurance take rates, potentially reducing PB Fintech’s FY28 consolidated revenue by 36%. It expects Paisabazaar to provide some cushion against the impact, the report added.
The volatility follows the Insurance Regulatory and Development Authority of India’s proposed sweeping changes to insurance distribution rules, according to LiveMint Markets.