Bajaj group stocks Bajaj Finserv, Bajaj Finance fall up to 4%

NEW DELHI: Shares of Bajaj group firms -- Bajaj Finserv and Bajaj Finance -- dropped up to 4 per cent in Wednesday’s trade after the former failed to cheer investor with its fourth quarter results, while the latter announced bonus share and stock split.

Bajaj Finserv on Wednesday said its net profit rose 15.12 per cent to Rs 537.51 crore for the June quarter from Rs 466.90 crore reported for the corresponding quarter last year. Net sales for the quarter climbed 31.66 per cent to Rs 2,911.84 crore from Rs 2,211.69 crore reported for the year-ago quarter.

Operating profit margin, meanwhile, declined to 69.09 per cent in the June quarter from 72.41 per cent in the year-ago quarter. The stock fell 3.57 per cent to hit a low of Rs 2,630 on BSE.

Bajaj Finance, on the other hand, declined 2.77 per cent to Rs 9,580 after the board approved subdivision of equity shares with face value of Rs 10 each to five shares with a face value of Rs 2 each. Further, the board approved issue of bonus shares with face value of Rs 2 each for every one share held.

The company said the subdivision would help improve liquidity on the counter. The company expects to complete the process by September 25.