BAJAJ FINANCE SHARES RALLY OVER 7% AFTER RBI LIFTS RESTRICTION

Bajaj Finance shares inched over 7.50 per cent higher after the Reserve Bank of India (RBI) lifted its restrictions on sanctioning and disbursal of loans through eCOM and Insta EMI Card. The restriction was imposed in November last year.

The Bajaj group company stock emerged as the biggest gainer among the frontline indices. On the BSE, the stock rallied 7.54 per cent to Rs 7,400 while it climbed 7.51 per cent to Rs 7,400 on the NSE. The company's market valuation climbed Rs 23,008.1 crore to Rs 4,49,205.63 crore.

"RBI lifting restrictions on some of Bajaj Finance's products is highly positive for the stock," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

In November 2023, the Central Bank had directed Bajaj Finance to stop sanction and disbursal of loans under its two lending products, eCOM and Insta EMI Card.

"Now, we wish to inform that the RBI, vide its letter dated 2 May 2024, based on the remedial actions taken by the company, has conveyed its decision of lifting the said restrictions on eCOM and online digital 'Insta EMI Card', with immediate effect," the company said in a filing to the stock exchanges.

"The company remains committed to ensure adherence and compliance of regulatory guidelines," it added.

"The removal of restrictions on Bajaj Finance's eCOM adds to the upbeat market sentiment," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, as reported by PTI.

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2024-05-03T07:14:03Z dg43tfdfdgfd