Shares of Bajaj Finance fell as much as 8.23 per cent to hit an intraday low of Rs 6,032 on the BSE after the company announced December quarter business updates. Trading volume in the counter spiked as 3.16 lakh shares changed hands on the BSE compared with an average of 21,000 shares traded daily in the past two weeks.
The stock was top losers in both the 30-share Sensex and Nifty 50 index.
The company's market valuation declined by Rs 28,681.29 crore to Rs 3,69,303.67 crore on the BSE.
The business updates provided by the Pune-based company fell short of market expectations and led to a major selloff in the stock price, analysts said.
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For quarter ended December 2022, assets under management (AUM) grew by 27 per cent to approximately Rs 230,850 crore compared to Rs 181,250 crore during the same period last year. AUM in Q3 FY23 grew by approximately Rs 12,500 crore.
New loans booked during Q3 FY23 were highest ever at 7.8 million as compared to 7.4 million in Q3 FY22.
"NBFC stock witnessed profit-booking after Bajaj Finance pre-quarterly business update highlighted lower-than-expected growth in AUM," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.
According to a regulatory filing on Wednesday, the company's assets under management (AUM) grew by 27 per cent to approximately Rs 2,30,850 crore as of 31 December 2022 as compared to Rs 1,81,250 crore as of December 31, 2021.
"AUM in Q3 FY23 grew by approximately Rs 12,500 crore," the filing noted.
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