India, Sept. 24 -- Shares of Policybazaar parent PB Fintech and insurtech company Turtlemint crashed after the Insurance Regulatory and Development Authority of India (IRDAI) proposed a sweeping overhaul of insurance distribution, including hard commission caps and lower expenses of management (EoM) limits.

PB Fintech shares plunged 26% to Rs.1,398.60 on the BSE, hitting the dynamically revised lower price band. The stock opened 10.1% lower at Rs.1,700 and continued to slide during intraday trading.

At Rs.1,398.60, PB Fintech's market capitalisation stood at Rs.64,720.6 Cr (about $6.7 Bn).

Meanwhile, Turtlemint shares hit their 20% lower circuit of Rs.109.10, which was also the stock's all-time low. The company's market cap fell to Rs....