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Shares Of Bajaj Finance, Bajaj Finserv Top Losers On Nifty In A Gaining Market
Shares of Bajaj Finance fell as much as 5.6% on the BSE to hit day's low of Rs. 2083 after the consumer finance company in a call with analysts on Monday said that it lost 0.35 million customers in the first 10 days of the nationwide lockdown due to Covid19. This in turned impacted the company's AUM by Rs 4,750 crore, which is 3.22% of the total AUM of the company as of March 31.
For the March ended quarter, the company's AUM registered growth of 27%, which is the slowest in some 12 quarters. Had the company not lost those many customers, its AUM for the period under review would have surged to 31.5% Y-o-Y.
Also amid Covid 19 outbreak and lockdown situation which is tremendously hurting business sentiment, the consumer finance company looks at increasing provisions.
Likewise, shares of Bajaj Finserv also shed 4% to day's low of Rs. 4330 on the BSE. And was, last quoting down by 3.72% or Rs. 168 at Rs. 4344.
In a gaining market, where Sensex and Nifty have zoomed by over 5% mirroring global gains, shares of Bajaj Finance and Bajaj Fiserv are the top losers on the Nifty.
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