Bajaj Finance shares fall nearly 3%; mcap erodes by Rs 13,344.96 crore

New Delhi: Shares of Bajaj Finance Ltd fell by nearly 3 per cent on Wednesday amid profit-taking at the counter even as the company reported a 28 per cent increase in consolidated net profit in the second quarter of the ongoing fiscal.

The stock declined 2.72 per cent to end at Rs 7,871.10 on the BSE. During the day, it dived 2.98 per cent to Rs 7,850.20.

At the NSE, it fell by 2.95 per cent to settle at Rs 7,854.

The company's market valuation eroded by Rs 13,344.96 crore to Rs 4,76,924.93 crore.

The stock was the biggest laggard among both the BSE Sensex and NSE Nifty firms.

Bajaj Finance Ltd (BFL) on Tuesday reported a 28 per cent rise in its consolidated net profit to Rs 3,551 crore in the second quarter ended on September 30.

The non-banking finance company had posted a net profit of Rs 2,781 crore in the July-September quarter a year ago.

Its total consolidated income increased to Rs 13,382 crore during the July-September period against Rs 9,974 crore a year earlier, BFL said in a regulatory filing.

The Pune-headquartered company's total expenditure rose to Rs 8,624 crore compared to Rs 6,222 crore in the year-ago period.

Its consolidated assets under management (AUM), as of September 30, 2022, grew by 33 per cent to Rs 2,90,264 crore from Rs 2,18,366 crore a year ago.