The financial services sector bore the brunt of institutional selling, with the Nifty Bank falling nearly 2.0%. Heavyweights like Bajaj Finance (-5.87%), Axis Bank (-4.67%), and Bajaj Finserv (-4.06%) suffered sharp cuts. Concurrently, HDFC Life (-6.16%) and PB Fintech (-35.98%) plunged following IRDAI’s proposed regulatory tightening regarding distribution expenses, mandatory cost audits, and commission structures.
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