PB Fintech Shares Fall 6% On CEO Exit Rumours; Yashish Dahiya Denies Resignation Speculation
PB Fintech shares declined nearly 6% after reports suggested CEO Yashish Dahiya could resign. Dahiya later dismissed the speculation and confirmed he would continue in his role. The stock also faced concerns over possible insurance commission changes, though brokerage Bernstein expects limited impact from the proposed regulatory reforms
Shares of PB Fintech declined nearly 6% on September 17, falling to an intraday low of Rs 1,718.10 amid market speculation that Group CEO Yashish Dahiya could step down from his position.
Dahiya later rejected the reports and confirmed that he would continue leading the company.
"Will continue to remain in the same role in the company," he said according to a report by CNBC-TV18.
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The stock movement came despite a positive assessment from global brokerage Bernstein, which said the company is unlikely to face a significant impact from proposed changes to insurance commission regulations.
The Insurance Regulatory and Development Authority of India (IRDAI) is expected to release a consultation paper on insurance commissions and distribution practices, according to reports. The document is likely to outline changes related to commission structures and expense limits for insurance products.
According to some brokerages, banks could see a larger reduction in commissions, while retail insurance products may face relatively smaller changes. It is expected that the regulatory uncertainty surrounding PB Fintech to be resolved without major disruption.
The final changes to commission norms would be decided after discussions with industry stakeholders.
PB Fintech, which operates insurance and financial services platforms, has been under investor focus amid regulatory developments affecting insurance distribution models.
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