Nearly 50,000 early investors of HDB Financial are facing about 48% notional loss on their investments as the firm has filed for an IPO, Moneycontrol reported. Based on previous filings, early investors had purchased shares for ₹1,200-₹1,350 per share. With the IPO now pricing shares at ₹700-740, the early investors are facing 38-48% notional losses, depending on their entry price.