Bajaj Finserv Stock Drops 2% After Q1 Earnings

New Delhi, Jul 24 (PTI) Shares of Bajaj Finserv Ltd (BFL) dropped over 2 per cent on Wednesday as the company's June quarter earnings failed to cheer investors.

The stock declined 2.43 per cent to settle at Rs 1,578.45 apiece on the BSE. Intra-day, it went lower by 3.40 per cent to Rs 1,562.70.

On the NSE, shares of the firm dipped 2 per cent to finish at Rs 1,585 each.

The company's market valuation diminished by Rs 6,282.86 crore to Rs 2,52,025.13 crore.

The stock emerged as the biggest laggard among the Sensex and Nifty firms.

The 30-share BSE Sensex declined 280.16 points or 0.35 per cent to settle at 80,148.88 and the NSE Nifty dropped 65.55 points or 0.27 per cent to 24,413.50.

Bajaj Finserv Ltd on Wednesday reported a 10 per cent increase in consolidated net profit at Rs 2,138 crore for the first quarter ended June 2024.

The company had logged a net profit of Rs 1,943 crore in the year-ago period.

Total income during the quarter increased to Rs 31,480 crore from Rs 23,280 crore in the year-ago period, BFL said in a regulatory filing.

BFL is the holding company for various financial services businesses under the Bajaj group.