PB Fintech shares fell another 8% on Thursday, taking the weekly loss seen in the stock to 17%, making it the worst performer on the Nifty 500 not just on the day, but for the week as well.
With this fall, PB Fintech’s shares wiped out all the gains they made over the last five years. The stock had made a record high of ₹2,254.95 on January 6, 2025, before consolidating around the ₹1,800 to ₹1,900 level. Ahead of the sell-off witnessed in the last six sessions, the stock was trading at 52-week high levels.
IRDAI’s draft norms propose a cap on commissions and also propose a ban on dark patterns, which is used to generate business for the company.
After the draft IRDAI paper, a slew of brokerages have cut their price targets on PB Fintech. HSBC downgraded the stock to “hold” from “buy”, Dolat Capital downgraded the stock to “sell”, while Macquarie downgraded it to “neutral.” All three brokerages had fixed their price target at ₹1,150 for PB Fintech, which happened to be the listing price for the stock.
PB Fintech, unsurprisingly, after the six-day fall, has slipped below all of its key moving averages. On the charts, the Relative Strength Index (RSI) has slipped to 19. An RSI reading below 30 means that the stock is “oversold”.
25 analysts have coverage on PB Fintech, of which 15 have a “buy” rating, six have a “hold” rating, while four have a “sell” rating on the stock.Shares of PB Fintech are trading 8% lower on Thursday at ₹978.