Bajaj finance twins—Bajaj Finance and Bajaj Finserv—shares opened sharply lower on Monday, falling in tandem with the broader market meltdown as US Federal Reserve Chairman Jerome Powell's hawkish remarks on interest rate hikes triggered fresh concerns over macroeconomic growth.
Bajaj Finance share price opened with a loss of 3.37 percent, touching an intra-day low of Rs 6,825. Bajaj Finserv touched an intra-day low of Rs 15,000, dropping to almost 8 percent in opening deals.
At 10.09 am, Bajaj Finance shares were trading at Rs 6,928.45 a piece, still down 1.9 percent on BSE. Bajaj Finserv shares were trading at Rs 16,026.25, down 1.6 percent on BSE.
Fed chair Powell said the central bank is determined to tame inflation and will continue to press ahead on interest rate increases until policymakers are satisfied they have accomplished their goal.
The hawkish remarks saw benchmark indices in the US witness their biggest fall in about four months on Friday. Asian equities dropped 1-3 percent in trade today, while the dollar index hit a nearly two-decade high of 109.39 points. This is likely to trigger a further sell-off in stocks back home.
Closer home in the pre-open session, the benchmark BSE Sensex went down 1,466.4 points or 2.5 percent at 57,367.5 and the broader NSE Nifty50 at 17,188.7, down 370.3 points or 2.1 percent from its previous close. Track CNBC-TV18.com's live blog here
Bajaj Finance had reported its highest-ever consolidated quarterly net profit at Rs 2,596 crore for the June quarter, helped by robust income due to brisk loan growth. The company had reported a net profit of Rs 1,002 crore in the year-ago period.
Bajaj Finserv shares have been under pressure after the Finance Ministry recently said that there is no consideration to levy any charges on transactions via United Payments Interface (UPI).
First Published: Aug 29, 2022 10:37 AM IST
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