Bajaj Finance shares tank 8%

New Delhi: Shares of Bajaj Finance on Friday tanked nearly 8 per cent after the company’s March quarter earnings failed to cheer investors. Bajaj Finserv was down more than two per cent. Bajaj Finance stock declined 7.64 per cent to Rs6,736.15 on the BSE. On the NSE, it tumbled 7.60 per cent to Rs6,740. Bajaj Finance on Thursday reported a 21 per cent rise in consolidated net profit to Rs 3,825 crore for the March quarter. The non-banking finance company (NBFC) had registered a net profit of Rs3,158 crore in the same period a year ago. Total income on a consolidated basis during the January-March period of 2023-24 rose to Rs14,932 crore as against Rs11,368 crore in the year-ago period, Bajaj Finance said in a regulatory filing.

Net interest income increased 28 per cent during the fourth quarter of the previous fiscal year to Rs8,013 crore from Rs6,254 crore a year ago. At the same time, total expenses increased to Rs9,830 crore from Rs7,108 crore last year, as per the filing. Bajaj Finance consolidated result comprises Bajaj Housinq Finance Ltd, Bajaj Financial Securities Ltd, Snapwork Technologies Pvt Ltd, and Pennant Technologies Pvt Ltd. The company said its gross Non-performing Assets (NPAs) and net NPAs as of March 2024 stood at 0.85 per cent and 0.37 per cent, respectively.