Team Blitz India
NEW DELHI: Shares of Bajaj Finance plummeted nearly 4% in early trade on November 16, a day after the Reserve Bank of India (RBI) directed the country’s largest non-banking financial company in terms of market value to immediately stop loan disbursements under its two digital products, with immediate effect.
Weighed down by the development, Bajaj Finance shares opened lower for the third straight session at Rs 6,940, down 3.9% against the previous closing price of Rs 7,223.95 on the BSE. In the first hour of trade so far, the NBFC heavyweight declined as much as 4% to Rs 6,937.15, while the market capitalisation dipped to Rs 4.42 lakh crore.
Bajaj Finance shares have been under stress for the last three sessions, losing nearly 7% during the same period. The stock hit a 52-week high of Rs 8,190 on October 6, 2023, and a 52-week low of Rs 5,487.25 on March 20, 2023. In the last one year, the counter gained 3.7%, while it rose 7% in the calendar year 2023.