PB Fintech target price cut 53% by Bernstein

Bernstein has sharply cut its target price for PB Fintech Ltd., the parent company of Policybazaar and Paisabazaar, to ₹1,085 from ₹2,310, a reduction of about 53%, following its reassessment of the impact of the Insurance Regulatory and Development Authority of India's (IRDAI) proposed changes to insurance distribution commissions.