New Delhi, Sept. 24 -- Financial stocks came under heavy selling pressure on Thursday after the Insurance Regulatory and Development Authority of India (IRDAI) proposed changes to insurance distribution and commission structures. The selloff erased around Rs.1.12 lakh crore in market capitalisation across 12 financial stocks, with Bajaj Finance, PB Fintech, HDFC Bank and Axis Bank accounting for a large portion of the decline.

Bajaj Finance recorded the biggest decline in market value among the stocks tracked, with around Rs.29,000 crore wiped out. PB Fintech followed with an erosion of nearly Rs.20,000 crore, while HDFC Bank and Axis Bank lost around Rs.15,000 crore and Rs.14,000 crore, respectively. Meanwhile, HDFC Life lost over Rs.7,...