Bajaj Finance shares dive 8% despite record new loan growth in Q3; here's why
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Shares of Bajaj Finance fell sharply in Thursday's trade despite reporting record new loan and customer franchise growth in the third quarter (Q3) of the current financial year 2022-23 (FY23). The stock slumped 8.24 per cent to hit a day low of Rs 6,032.25 over its previous close of Rs 6,573.60.
The shadow lender, in an exchange filing, said it has recorded highest-ever quarterly increase in its customer franchise of 3.1 million in Q3 FY23. Customer franchise, as of 31 December 2022, stood at 66 million as compared to 55.4 million in the same period a year ago, it added.
Bajaj Finance also mentioned that new loans booked during Q3 FY23 were the highest ever at 7.8 million as compared to 7.4 million in Q3 FY22.
Lower than expected assets under management (AUM) growth led to a decline in shares today, an analyst said, suggesting to book profit at current levels.
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