New Delhi, Sept. 29 -- PB Fintech shares fell more than 5% on Tuesday, 29 September, extending a sharp sell-off that has wiped out around 41% of the stock's value over the past four sessions. The Policybazaar parent, however, rebounded more than 3.5% in early trade on Monday after Bernstein retained its 'Outperform' rating on the stock with a target price of Rs.2,310 per share.

Bernstein's target price implied an upside of more than 98% from PB Fintech's Friday closing price, even as the brokerage expects the proposed changes to the insurance distribution framework to have a significant impact on the company's earnings, according to media reports. The brokerage estimates that the proposed regulatory framework could result in a 40% reduct...