Business

After clarification, Bajaj Finance shares rebound

‘April-June quarter growth strong’

Shares of Bajaj Finance, which tanked more than 8.2% on growth concerns, rebounded on Tuesday after a clarification from the lender that growth remained strong in the April-June quarter.

In a filing with the exchanges, the lender said the number of new loans booked during the first quarter of the current financial year were at 7.3 million, a 30.4% growth year-on-year. During the quarter, the company acquired 2.5 million new customers. Further, the lender said assets under management grew 41.3% year-on-year in the first quarter.

“Assets under management [AUM] stood at approximately ₹1,29,000 crore as of June 30, 2019 as compared to ₹91,287 crore as of June 30, 2018 and ₹1,15,888 crore as of March 31, 2019,” Bajaj Finance said.

Shares closed 5.5% higher than the previous close, at ₹3,603.35 apiece.

“My comments on TV yesterday on the Budget and the general industry slowdown weren’t related to Bajaj Finance Q1 financials. We [are] in a silent period. Bajaj Finance, out of abundant caution, has made an announcement to NSE/BSE today with some data points on its Q1 performance,” Sanjiv Bajaj, vice-chairman, Bajaj Finance, tweeted.

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Printable version | Feb 21, 2020 10:36:04 AM | https://www.thehindu.com/business/after-clarification-bajaj-finance-shares-rebound/article28335656.ece

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