₹85,000 crore gone! PB Fintech to HDFC Bank — these 5 financial stocks witness highest wealth erosion on IRDAI's move

Financial stocks faced significant selloff on Thursday due to proposed changes by IRDAI to insurance distribution and commission structures, erasing ₹1.12 lakh crore in market capitalisation. Major losses were seen in Bajaj Finance, PB Fintech, HDFC Bank, and Axis Bank, leading the decline.