₹85,000 crore gone! PB Fintech to HDFC Bank — these 5 financial stocks witness highest wealth erosion on IRDAI's move
IRDAI moved lower.
24 Sept 2026 · LiveMint Markets
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.
The analysis
IRDAI reported ₹85,000 crore and ₹1.12 lakh crore. Those are the figures as filed — what moves the price is how they sit against what the market already expected, not their absolute size.
Against that, the stock is -1.2% on the day at ₹702.65, and has returned -15.3% over three months. It sits 30% below its 52-week high, which means a good deal of bad news was already in the price. The banks sector has moved -4.0% over the same period, so HDFC Bank is running 11.3 points behind its peers.
With HDFC Bank, Bajaj Finance and Axis Bank all implicated, this reads as a Banks-level move rather than a company-specific one, which is the more durable kind of signal.
Why it matters
- With IRDAI involved, this carries a regulatory dimension that can outlast the immediate market reaction.
Market context
- It touches several names at once (HDFCBANK, BAJFINANCE, AXISBANK), which points to a sector-level rather than company-specific driver.
- Sector exposure: Banks, Financial Services.
- The immediate tone of coverage reads negative.
In this story
Related coverage
Banks vs NBFCs: Which stocks could benefit as RBI set to hike rates for the first time in 3 years?
Stock Picks Today: IndiGo, Nykaa, ITC, Bajaj Finance, DMart And More On Brokerages' Radar
Axis, AU Bank, PNB: Brokerages identify 5 bank stocks after RBI hikes rate
HDFC Bank shares drop 15% in 3 months since Q1 results. Will Q2 earnings bring redemption as leadership cloud clears?
Gujarat State Petronet falls sharply from day#39;s high as tariff cut triggers flurry of downgrades