Shares of Bajaj Finance settled 4.17 per cent lower on Tuesday at Rs 6,325.25 per share, amid a sharp downturn in the second half of the session
Their average one-year target price is Rs 8,762.3, indicating a potential upside of over 30 per cent from Thursday's closing of Rs 6,673.95
Shares of RIL, the country's most valuable firm, fell 2.8 per cent and made a 246-point contribution to the Sensex decline
Shares of the Bajaj Group company tumbled 5.3 per cent to Rs 6,806 per share on the BSE in Tuesday's intraday trade
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The net interest margin continues to soften gradually on account of the lagged effect of the cost of funds increase, in Q3 FY24, BFL said in a statement
Consolidated numbers include the businesses of the lender's subsidiaries, Bajaj Housing Finance and Bajaj Financial Securities
Stock market highlights on Monday, January 29: Tata Motors (up 3.7 per cent), Power Grid, L&T, NTPC, Kotak Bank, Ultratech Cement, Titan, Sun Pharma, Axis Bank, and HDFC Bank were other top gainers
NBFC reported 26% rise in new loans during the December quarter
In Q3FY24, the company's AUM improved by nearly Rs 20,700 crore
Among individual shares, Bajaj Finance and Bajaj Finserv look ripe for further upside, while Bajaj Auto may witness some consolidation in the near-term, hint charts.
This, he wrote in his weekly note, GREED & fear, will be paid for by reducing the existing investments in Bajaj Finance, Oil & Natural Gas Corporation (ONGC), and Reliance Industries (RIL)
Jio Financial, which was carved out of Reliance Industries, is in the process of getting its credit rating and other necessary approvals
Last week, the Reserve Bank of India (RBI) ordered Bajaj Finance to stop issuing new loans through its 'eCOM' and 'Insta EMI Card' due to non-compliance with the digital lending guidelines.
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The company continues to offer financing to new and existing customers at dealer stores in the normal course of business
Bajaj Finance was directed on Wednesday to stop offering credit via two products that failed to comply with digital lending rules
Bajaj Finance said it is temporarily suspending the sanction and disbursal of new loans under the two products
Meanwhile, SBI looks range-bound on charts, while shares of SBI Cards & Payments can pullback up to 7 per cent from present levels.
Following the development, shares of Bajaj Finance tumbled 4 per cent in the intraday trade, before recouping losses to end 1.9 per cent higher at Rs 7,366 per share