Bajaj Finance shares fall over 7% to Rs 6,716 despite high consol profit

Shares of Bajaj Finance on Wednesday tumbled over 7 per cent even after the company reported its highest-ever consolidated net profit for the quarter ended March.

The stock tanked 7.24 per cent to end at Rs 6,716.65 on the BSE. During the day, it plunged 7.60 per cent to Rs 6,690.

At the NSE, it tumbled 7.24 per cent to Rs 6,716 apiece.

The company's market valuation declined by Rs 31,727.37 crore to Rs 4,06,645.63 crore on the BSE.

The stock was the biggest laggard among the Sensex and Nifty firms.

Buoyed by healthy consumer sentiments, Bajaj Finance on Tuesday reported its highest-ever consolidated net profit at Rs 2,420 crore in the three months ended March.

The figure is 80 per cent higher compared to Rs 1,347 crore posted in the year-ago period.

The Non-Banking Finance Company (NBFC) also posted its highest-ever consolidated profit after tax at Rs 7,028 crore in the fiscal ended March 2022, up 59 per cent from the previous year, it said in a release.

In 2020-21, the net profit was at Rs 4,420 crore.

"In stock specific development, Bajaj Finance was the biggest loser despite the company reporting 79.67% rise in its net profit," Mohit Nigam, Head - PMS, Hem Securities said.