Shares of Bajaj Finance on Wednesday fell more than 7 percent even after the company reported the highest consolidated net profit ever for the quarter ended March.
The stock rose 7.24 per cent to end at Rs 6,716.65 on the BSE. During the day, it plunged 7.60 per cent to Rs 6,690.
On the NSE, it fell 7.24 per cent to Rs 6,716 each.
The company’s market valuation declined by Rs 31,727.37 crore to Rs 4,06,645.63 crore on the BSE.
The stock is the most lagging behind among Sensex and Nifty firms.
Driven by healthy consumer sentiment, Bajaj Finance on Tuesday reported the highest consolidated net profit at Rs 2,420 crore in the three months ended March.
The figure is 80 per cent higher than the Rs 1,347 crore recorded in the previous year.
Non -Banking Finance Companies (NBFCs) also recorded the highest consolidated profit after tax at Rs 7,028 crore in fiscal ended March 2022, up 59 per cent from the previous year, it said in a statement.
In 2020-21, net profit is at Rs 4,420 crore.
“In stock -specific development, Bajaj Finance was the biggest loser even though the company reported a 79.67 per cent increase in its net profit,” Mohit Nigam, Head – PMS, Hem Securities said.