Bajaj Finserv dropped 2 percent on Tuesday as the Street sentiment in the non-banking financial company (NBFC) turned negative after reports of group firm Bajaj Allianz's August gross direct premium underwritten is down 59 percent on a month-on-month (MoM) basis. Bajaj Allianz General Insurance is a joint venture between Allianz SE and Bajaj Finserv Ltd.
On BSE, Bajaj Finserv shares fell as much as 1.98 percent to an intraday low of Rs 17,030 apiece. On the National Stock Exchange (NSE), Bajaj Finserv shares fell to Rs 17,025 apiece intraday, down 2 percent.
At 11:54 am, Bajaj Finserv shares traded 1.26 percent lower at Rs 17,157.50 apiece on the BSE. The benchmark Sensex index was 0.02 percent up at that time.
On Monday, Veteran fund manager Gurmeet Chadha said that the Bajaj twins — Bajaj Finance and Bajaj Finserv — are relatively better among housing financiers than Housing Development Finance Corp and Cholamandalam Finance. His remarks came at a time when financial institutions are scrambling to protect their margins amid rapid increases in the COVID-19 era interest rates.
“There are consumption growth levers that are reflected in discretionary spending in the economy," Chadha, Managing Partner and CIO at Complete Circle, said in an interaction with CNBC-TV18.
He recommended buying Bajaj Finance and Bajaj Finserv shares on dips.
Recently, Bajaj Finserv said in a regulatory filing that the board has set the date of September 14, 2022, to decide which shareholders are eligible for bonus shares and stock split benefits.
The bonus and split ex-date for Bajaj Finserv will be September 13, 2022. The non-banking financial company has announced a 1:1 bonus share issuance and a 5:1 stock subdivision.
Meanwhile, Indian equity benchmarks BSE Sensex and NSE Nifty50 rose on Tuesday amid gains across sectors, tracking a largely positive trend across other Asian markets. Financial, oil & gas, auto and healthcare stocks were the biggest contributors to the gains in headline indices.
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