Bajaj Finserv Shares Drop Despite Profit Growth in Q1

Bajaj Finserv Ltd's shares fell over 2% after the company's June quarter earnings disappointed investors. Despite a 10% increase in consolidated net profit to Rs 2,138 crore, the stock settled lower on both BSE and NSE. The company's market valuation decreased by Rs 6,282.86 crore.

Bajaj Finserv Ltd's shares fell by over 2% on Wednesday following quarterly earnings that seemed to leave investors unimpressed.

The stock ended at Rs 1,578.45 on the BSE, marking a 2.43% decline, and dropped 2% to Rs 1,585 apiece on the NSE.

Intra-day trading saw shares dip to Rs 1,562.70. This decline reduced the company's market valuation by Rs 6,282.86 crore to Rs 2,52,025.13 crore.

Despite reporting a 10% boost in consolidated net profit for the June quarter, rising to Rs 2,138 crore, the stock was the worst performer among Sensex and Nifty firms.

The BSE Sensex closed 280.16 points lower, while the NSE Nifty dropped by 65.55 points. Bajaj Finserv Ltd's total income during the quarter increased to Rs 31,480 crore.

(With inputs from agencies.)