Turtlemint Crashes Another 20%, PB Fintech Falls 8% On IRDAI’s Proposed Commission Caps

by · Inc42

SUMMARY

  • PB Fintech shares fell nearly 8%, while Turtlemint hit its 20% lower circuit, extending the sell-off triggered by IRDAI’s proposed commission caps
  • At their intraday lows, PB Fintech and Turtlemint lost about 41% and 36%, respectively, across two sessions as investors priced in the potential impact on their distribution revenue and margins
  • Brokerages have cut their earnings estimates and price targets for PB Fintech, with Jefferies estimating that a 10% reduction in new business commission rates could lower its earnings by 10%-12%