Why did Bajaj Finance shares gain 4%, hit record high on March 21?

Bajaj Finance share price: Bajaj Finance share price was in demand on Friday, March 21, 2025, as the stock rallied as much as 4.49 per cent to hit a fresh record high, or all-time high of ₹9,070 per share. 

 

Bajaj Finance share was also the top gainer on both Nifty50 and Sensex at the time of publishing this report.

 

The rise in the share price came after the company announced that it has elevated Rajeev Jain as vice chairman in the capacity as an executive director for a period of 3 years with effect from 1 April 2025, and Anup Kumar Saha as the managing director of the company from April 1, 2025.

 

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In an exchange filing, Bajaj Finance said, “We wish to inform you that the Board of Directors, based on the recommendation of the Nomination and Remuneration Committee, at their meeting held today, i.e., 20 March 2025, have approved the elevation of the following Directors: 1) Rajeev Jain, whose existing tenure as managing director ends on March 31, 2025, as vice chairman in the capacity as an executive director for a period of 3 years with effect from April 1, 2025; and 2) Anup Kumar Saha, who is the deputy managing director and whose term is up to March 31, 2028, as the managing director of the company from 1 April 2025.”  ALSO READ | Stock Market LIVE Updates: Sensex 500 pts higher at 76,870; Nifty at 23,350; Auto, Financials gain

 

However, the company said that these changes are subject to approval of shareholders.

 

Rajeev Jain joined Bajaj Finance in 2007 as CEO and became MD in 2015. Under his leadership, Bajaj Finance transformed from a single-product auto finance company to a technology-driven financial powerhouse offering diverse loan products, payments, and investments.  With nearly 30 years of experience, Rajeev has driven digital transformations and brought millions of new-to-credit consumers into the financial system. He holds a management degree from T A Pai Management Institute and a bachelor’s degree in Commerce from American College, Madurai.

 

On the other hand, Anup Kumar Saha joined Bajaj Finance in 2017 with over 32 years in the financial services industry. He leads strategy, execution, and business transformation, ensuring sustainable growth and innovation. 

 

Anup has been instrumental in expanding Bajaj Finance's reach to 97.12 million customers across more than 4,200 locations. Prior to this, he worked at ICICI Bank for 14 years. Saha holds an engineering degree from IIT Kharagpur and an MBA from IIM Lucknow.

 

About Bajaj Finance

 

Bajaj Finance Limited formerly known as Bajaj Auto Finance Limited was incorporated on March 25, 1987 as a Non-Banking Financial Company primarily focused on providing two and three-wheeler finance. The company, subsidiary of Bajaj Finserv, is a deposit taking Non-Banking Financial Company (NBFC-D) registered with the Reserve Bank of India (RBI) and is classified as an NBFC-Investment and Credit Company (NBFC-ICC).   ALSO READ | BEML, HAL, BEL and other defence stocks rally up to 5%; Why the optimism?

 

The company is engaged in the business of lending and acceptance of deposits. It has a diversified lending portfolio across retail, SMEs, and commercial customers with significant presence in both urban and rural India. It accepts public and corporate deposits and offers a variety of financial services products to its customers. 

 

Last checked, the market capitalisation of Bajaj Finance stood at ₹5,51,138.41 crore, according to BSE.

 

At 11:20 AM, Bajaj Finance shares were trading 2.43 per cent higher at ₹8,891.05. In comparison, BSE Sensex was trading 0.63 per cent higher at 76,830.24 levels.