Bajaj Finance share price drops over 2% post Q2 results; what should you do? Here's what top brokerages say
Bajaj Finance share price: Bajaj Finance share price fell over 2 per cent in early trade on BSE on Wednesday, October 18, a day after the company reported its current fiscal's July-September quarter (Q2FY24) scorecard. Bajaj Finance share price opened at ₹8,080.95 against the previous close of ₹8,091.35 and dropped 2.05 per cent to the level of ₹7,925 quickly. Around 9:25 am, the stock was 1.36 per cent down at ₹7,981.35 on BSE.
Bajaj Finance share price has underperformed the equity benchmark Sensex in the last one-year timeframe. The stock has gained just about 10 per cent while the Sensex has risen about 14 per cent in the last one year. Bajaj Finance share price hit its 52-week high of ₹8,190 on October 6 this year and its 52-week low of ₹5,487.25 on March 20 this year, on the BSE.
From its 52-week low, Bajaj Finance share price is now up 47 per cent as of October 17 close. After market hours on Tuesday, October 17, Bajaj Finance reported a 27.7 per cent year-on-year (YoY) growth in its Q2FY24 consolidated net profit at ₹3,550.80 crore against ₹2,780.65 crore in the corresponding quarter of last year. Net interest income (NII) of the non-banking finance company (NBFC), on a consolidated basis, in Q2FY24 increased by 26 per cent to ₹8,845 crore from ₹7,002 crore, year-on-year (YoY), according to company's exchange filing.
The company's assets under management (AUM) grew 33 per cent YoY to ₹2.9 lakh crore and interest income showed a growth of 38 per cent to ₹11,734 crore. The company added 35.8 lakh new customers in Q2FY24, taking the total customer base to 7.7 crore as of September 30. Read More: Bajaj Finance Q2 Results: Net profit rises 28% on year to ₹3,550.80 crore, NII up 26% Meanwhile, Bajaj Finance has
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