The foreign institutional investors remained net sellers for the fifth consecutive session, offloading equities worth more than ₹10,148 crore on Wednesday, September 30, 2026.
PB Fintech and Turtlemint Fintech Solutions witnessed heavy selling pressure in recent days after Irdai proposed an overhaul of insurance distribution rules.
The index has witnessed a sharper fall in September compared to the Nifty 50, which declined 6 per cent, and the Nifty Smallcap 250 that slipped 3.5 per cent.
Mutual funds owned 33% of PB Fintech at August-end; stock has plunged 38% in two sessions
Motherson Sumi Wiring India, India Cements, Wipro, Tata Elxsi, UPL, NSDL and Zensar Technologies were few of the other notable BSE 500 stocks that hit 52-week lows on Friday.
Jefferies noted that Irdai's proposed changes could have a "material adverse impact on PB Fintech's near-term earnings".
PB Fintech flagged potential pressure on general insurance revenue and agent commissions, while saying its life insurance business would see limited impact.
PB Fintech may explore manufacturing insurance products by seeking a licence as it assesses the impact of Irdai's proposed commission cuts on its distribution business
Insurance stocks jolted: The Insurance Regulatory and Development Authority of India (Irdai) on Wednesday proposed a phased reduction in the expenses of management (EoM) limits for insurers.
The venture aims to raise Rs 10,000 crore to build a network of 15,000-20,000 beds across more than 50 cities over the next five to six years
Nifty's recovery above the 23,200 level provides some near-term relief; however, the broader structure remains weak.
Religare Broking's Ajit Mishra said that the sharp decline has pushed Nifty closer to our initial downside target and support of 23,800. A break below this could extend the correction towards 23,600.
Amol Athawale of Kotak Securities flagged 'Ascending Triangle' and 'Symmetrical Triangle' breakouts on Meesho and PolicyBazaar weekly charts.
Choice Broking's Sachin Gupta has recommended three stocks, Prestige Estates, PB Fintech and Carborundum Universal, based on their positive technical setups.
Ajit Mishra of Religare Broking said that 24,000-24,200 zone has emerged as the next major support for Nifty. He also said that Indian Bank, PB Fintech and Shriram Finance are showing a bullish setup.
India, Wood wrote, continues to benefit from improving domestic fundamentals, with bank credit growth accelerating to 17-18 per cent year-on-year in 2026.
PB Fintech reported 92.4 per cent year-on-year rise in consolidated net profit for the quarter ended June.
PF Fintech down on block deal buzz: According to reports, Macritchie Investments which held close to a 6.5 per cent stake was planning to offload part of its stake in Friday's trade.
While hyperscaler cloud providers face margin pressures, Wood views memory producers as the most leveraged way to play the relentless AI investment cycle.
These investors bought a total of 38 lakh equity shares, representing a 0.82 per cent stake in PB Fintech, at an average price of ₹1,751 apiece