India's Bajaj Finserv falls as Allianz exits JV at discount

Bajaj Finserv

18/03/2025 07:22

** India's Bajaj Finserv BJFS.NS down 1.7% at 1,840 rupees

** Top loser on benchmark Nifty 50 .NSEI, which is up 1.1%

** Germany's Allianz ALVG.DE says to sell 26% stake in JV with Bajaj Finserv to Bajaj Group for ~2.6 bln euros ($2.84 bln)

** Kotak Institutional Equities says deal values Bajaj Allianz at 400 bln rupees, 28% less than Kotak's fair value

** Kotak cuts stock to "add" from "buy", trims fair value to 2,000 rupees from 2,100 rupees

** Analysts avg rating is "buy"; median PT 2,000 rupees-LSEG data

** BJFS up 17% YTD, 2nd-highest on Nifty 50 (down 4% YTD)

** BJFS unit Bajaj Finance BJFN.NS up 0.2% on the day; up 26% YTD, most on Nifty 50

 (Reporting by Sethuraman NR in Bengaluru)

 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))