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BAJFINANCE - Bajaj Finance News Story

₹3418.25 -39.2  -1.1%

Last Trade - 11:25am

Sector
Financials
Size
Large Cap
Market Cap £21.21bn
Enterprise Value £32.15bn
Revenue £2.78bn
Position in Universe 11th / 3000

BUZZ-India's Axis Bank, Bajaj Finance slide after S&P cuts to junk rating

Mon 29th June, 2020 8:47am
** Shares of private-sector lender Axis Bank Ltd  AXBK.NS 
fall as much as 5.3% to 402.35 rupees, shadow bank Bajaj Finance
Ltd  BJFN.NS  slides 4.6% to 2,770 rupees
    ** S&P Global Ratings on Friday cut AXBK ratings to 'BB+',
saying heightened economic risks facing India's banking system
will affect bank's asset quality, financial performance
    ** While Axis' asset quality is superior to the Indian
banking sector average, its level of NPAs will likely remain
high compared to international peers - S&P
    ** S&P cuts BJFN ratings to 'BB+', says co's asset quality
and credit costs will deteriorate over next 12 months
    ** Stress in the wider Bajaj group could spill over to Bajaj
Finance - S&P
    ** AXBK, BJFN shares top losers on NSE Nifty 50 index
 .NSEI , which fell as much as 1.5% on Monday
    ** Both stocks see sharpest intraday drop in about two weeks
    ** AXBK down 44% YTD, while BJFN falls 31%; Nifty 50 is down
~15%

 (Reporting by Chris Thomas in Bengaluru)
 ((chris.thomas@thomsonreuters.com; +91-80-6749-8695; Reuters
Messaging: chris.thomas.thomsonreuters.com@reuters.net))
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