Kuber’s treasure opened in the policy market crash… 10 thousand rupees became ₹2.30 crore in the game of depression!

Policy Market Share Price: Thursday 24 September 2026 is forever recorded in the history of Indian stock market. It was a day that presented two completely different faces of Dalal Street to the world. On the one hand, billions of rupees of ordinary investors were lost in the blink of an eye due to heavy selling in the market. On the other hand, the math in Futures and Options (F&O) shows that if risk is taken only Rs. 10,000 How can a bet of Rs. 2.30 crores can be converted.

On Thursday, the stock market saw heavy selling all around. The Nifty closed down 1.64 percent or 383 points at 23,063. The Sensex closed down 1.67 percent or 1,247 points at 73,580 points. This was the biggest one-day decline in both indices since July 8. But the biggest story was created in the shares of fintech company PB Fintech (PolicyBazaar). This company was listed in the market in the year 2021. On Thursday, its shares recorded a historic decline of up to 36 percent. Due to this the market cap of the company is Rs. 30,000 crore has been reduced. The stock hit a 52-week low.

Insurance regulator IRDAI’s proposal came as a shock to policy market investors. Along with this, a unique combination of stock market dynamic circuits produced a miracle that is seen only once in decades. Let us understand this whole story from the beginning.

Calm before the storm

The entire event begins on the evening of Wednesday, September 23. Policy market shares were trading normally in the market. There was one contract in the options market – PolicyBZR SEP 1300 PE. This means a put option of 1300 strike price for the month of September. In put options, investors place a bet when they think the price of a stock will fall.

By the time the market closed on Wednesday, the price of this put option had fallen to just 5 paise. In the parlance of stock market experts, it is called an ‘out of the money’ option. There is a 99 percent chance that such trades will be zero by expiration. One lot of policy market is 350 shares. This directly means that the entire portion was available for just Rs 17.50. Little did anyone know at that time that this five paisa deal would prove to be a touchstone the next day.

A news caused a huge stampede

A big proposal came from insurance regulator IRDAI before the market opened on Thursday morning. The proposal said there would be strict controls on commissions paid by insurance companies to aggregators and agents. Discussions in the market gained momentum that health insurance payouts would remain in the range of 15 to 20 percent. Term life commission may be limited to 25 percent.

The news was a nightmare for PB Fintech. More than 50 percent of the company’s business comes directly from these insurance commissions. The news directly hit the company’s future profits. As soon as the market opened at 9:15 am, big institutional investors panicked and started selling indiscriminately. Soon the stock started collapsing like a pack of cards.

A unique game of dynamic circuits

Generally, when a stock falls 10 or 20 percent, it goes into a lower circuit. The circuit halts trading to prevent investors from panicking. But PolicyBazaar is a part of F&O segment. As per rules, there is no fixed circuit limit on these shares. Dynamic price bands work there.

As soon as the stock touched the initial circuit of 10 percent in the morning, the exchange raised the limit to 15 percent. Even after this the decline did not stop. Due to heavy selling, the limit went up by 20, 25, 30 percent. The sell-off was such that in the afternoon the stock traded at a historic low of 35.98 percent at Rs. It closed at 1,207.

This could have been the jackpot in the recession game

Now let’s talk about the miracle that discovered the mathematics of option trading and presented it to the world. It is a rule of the stock market that when a stock crashes rapidly, the value of its ‘put option’ rockets up. Policy market share Rs. 1,800 down to Rs. 1300 PE options at 5 paise jumped sharply as soon as it touched 1,200.

If a trader had bet just Rs 10,000 in this 5 paise put option in the morning, he would have got 571 lots at Rs 17.50 per lot. That means he will have a total option quantity of 2 lakhs. As the stock fell, this 5 paise option first cost Rs. 1, then Rs. 10, then Rs. Crossed 50. In no time it was Rs. 114.90 touched the day’s high. It was up 2,298 times from its previous close. The return on this investment will be around 1.99 lakh percent.

If a trader had sold his 2 lakh lot at the peak of Rs 114.90 then his marginal risk of Rs 10 thousand would have turned into a net profit of Rs 2 crore 29 lakh 80 thousand. Although this is just math, in reality it is very difficult for a person to make such a large amount of money by placing such an accurate bet. But many people have definitely made good money in this decline.

A stern warning from market experts

Market insiders say that as magical as this math sounds, it is also dangerous in reality. This is called a black swan event in the stock market. That is, an event whose chances of happening are negligible. According to experts, in 99.9 percent of cases such 5 paise becomes completely zero on the day of option expiry. In such a situation, the entire money of the investors is lost. Retail investors should avoid being lured by such jackpots and avoid investing their hard earned money in options trading. This is not normal trading, but a very high risk bet that often results in huge losses.