Shares of PB Fintech, the parent of Policybazaar, have crashed about 43 per cent over four sessions, wiping out a large part of investor wealth. The stock fell from Rs 1,886.30 to Rs 1,077, according to BusinessLine.

On the latest day, the stock closed 6.11 per cent lower at Rs 1,081. Mint described the fall as roughly 41 per cent across the slide. Volumes were heavy as investors rushed to exit.

The selloff follows proposed regulatory reforms by the Insurance Regulatory and Development Authority of India (IRDAI). The market fears the changes could hurt the company’s commission income and growth.

PB Fintech runs Policybazaar, India’s largest online insurance marketplace, along with Paisabazaar. The stock had been a favourite of growth investors before the crash.

Analysts are divided on what comes next. Some see value at lower levels, while others warn that regulatory risk could keep the stock under pressure. Investors are advised to track official IRDAI announcements closely.