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

Financial stocks came under heavy selling pressure on Thursday after the Insurance Regulatory and Development Authority of India (IRDAI) proposed changes to insurance distribution and commission structures. The selloff erased around ₹1.12 lakh crore in market capitalisation across 12 financial stocks, with Bajaj Finance, PB Fintech, HDFC Bank and Axis Bank accounting for a large portion of the decline.Bajaj Finance recorded the biggest decline in market value among the stocks tracked, with around ₹29,000 crore wiped out. PB Fintech followed with an erosion of nearly ₹20,000 crore, while HDFC Bank and Axis Bank lost around ₹15,000 crore and ₹14,000 crore, respectively. Meanwhile, HDFC Life lost over ₹7,000 crore.Apart from these stocks, Max Financial lost ₹6,800 crore in market capitalisation, while ICICI Prudential Life saw ₹3,000 crore wiped out.