India's Bajaj Finance hits 5-month low on Q3 profit miss

Bajaj Finserv

30/01/2024 04:51

** Shares of Bajaj Finance  BJFN.NS  fall 4.9% to five-month
low of 6,840 rupees
    ** The NBFC's Q3 profit missed market expectations, hurt by
lending tool ban, higher provisions
    ** Jefferies flags higher credit costs from urban personal
loans and 2- and 3-wheeler loans, which affected asset quality
    ** 9 of 28 analysts covering BJFN cut PTs, trimming median
PT to 8,900 rupees, while mean rating is "buy" - LSEG data
    ** BJFN last down ~4%, set for biggest one-day drop since
Jan 2023 and is the top loser on benchmark Nifty 50  .NSEI 
    ** Fellow NBFC Bajaj Finserv  BJFS.NS , due to report
results later today, drops 0.8%, 3rd most on Nifty 50
    ** Bajaj Finance now down 5.7% YTD, while Bajaj Finserv is
down 3.7% vs the Nifty 50 is up just 0.13%

 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))