Bajaj Finance Limited is one of the largest players in the consumer finance business in India. It is considered a pioneer in introducing interest-free EMI finance options for buying a range of products from consumer durables to lifestyle products or groceries.
On 19 May, the company reported 19 per cent decline in the March quarter consolidated net profit at Rs 948 crore due to COVID-19 crisis and related provisioning.The company kept aside a contingency provision of Rs 900 crore with regard to COVID-19.
The asset front company witnessed slight worsening.Gross non-performing assets (NPAs) as at March-end 2020 rose to 1.61 per cent from 1.54 per cent a year ago while net NPA increased to 0.65 per cent from 0.63 per cent.
On Friday stock , Bajaj finance closed down -90.30 (-4.54%) to close the day at 1,899.90. In a volatile session , financials and banks stock tumbled after the Reserve Bank of India (RBI) extended a moratorium on loan repayments.