Traders piled into leveraged bets on Temasek-backed PB Fintech Ltd. as the stock lost $3.3 billion in market value after India's insurance regulator proposed caps on commissions and management expenses. Leveraged positions surged to almost 1.6 billion rupees ($16.7 million), marking a record one-day increase of nearly 1.1 billion rupees, according to data from BSE Ltd. and National Stock Exchange of India Ltd. PB Fintech shares plunged a record 36% on Thursday and have fallen further, heading for their lowest close since March 2024. Vikas Gupta, chief investment strategist at Omni Science Capital, warned that borrowing for such trades is even riskier and recommended investors avoid such leverage.