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Bajaj Finance share slips over 5% on worries over Covid 19-related provisions

Bajaj Finance stock touched an intraday low of Rs 3286, down 5.42% on BSE

twitter-logoBusinessToday.In | October 20, 2020 | Updated 15:02 IST
Bajaj Finance share slips over 5% on worries over Covid-related provisions
Bajaj Finance share trades higher than 100 day and 200 day moving averages but lower than 5 day, 20 day and 50 day moving averages

Share of Bajaj Finance fell over 5 per cent today after the NBFC said it would continue to raise its provisioning for Covid-19 for the second quarter as well to strengthen its balance sheet.

Bajaj Finance stock touched an intraday low of Rs 3286, down 5.42% on BSE.  Bajaj Finance share trades higher than 100 day and 200 day moving averages but lower than 5 day, 20 day and 50 day moving averages. The share has lost 14.72% in one year and fallen 21.37% since the beginning of this year.

Total 1.64 lakh shares changed hands amounting to turnover of Rs 54.59 crore.

Market cap of the NBFC fell to Rs 2 lakh crore in morning trade.

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The company logged a three-fold rise in provisions, leading to a nearly 30 per cent decline in profits before tax in the June quarter. The NBFC had made additional provisioning of Rs 1,450 crore in Q1, taking the contingent credit loss provision due to Covid to Rs 2,350 crore in the June quarter.

Bajaj Finance recorded weak loan growth as new loans booked during the quarter halved to Rs 36 lakh from Rs 65 lakh a year-ago.

The NBFC said its consolidated deposit book rose by 22.5 per cent to Rs 21,600 crore as of September 30. Customer franchise as on September 30 stood at 4.41 crore compared with 3.87 crore a year ago.

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