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Why are the markets punishing Bajaj Finance, Bajaj Finserv?

Recently, foreign brokerage Bernstein had downgraded Bajaj Finance to 'underperform' and had cut the target price to Rs 1,740 from Rs 4,820.

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So far in calendar year 2020, the stock of the non-bank finance company (NBFC) has corrected 47 per cent, while that of Bajaj Finserv is down 50.34 per cent

Nikita Vashisht New Delhi

4 min read Last Updated : Mar 31 2020 | 12:02 PM IST

Shares of Bajaj Finance extended their decline into third day, down 6.4 per cent to hit fresh 52-week low Rs 2,098.55, on the BSE on Tuesday as concerns over the outbreak of coronavirus (Covid-19) pandemic hitting the growth prospects dented sentiment.

Bajaj Finserv, too, slipped up to 3.6 per cent to hit a low of Rs 4,493.4 on the BSE. In comparison, the benchmark S&P BSE Sensex was at 29,128 level, up 688 points or 2.4 per cent.

“Bajaj Finance is a company that is involved in consumer financing... With the 21-day lockdown, consumption has slowed down considerably, and discretionary

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