Mumbai, March 27 (IANS) Shares of Bajaj Housing Finance remained under pressure on Friday, extending their prolonged downtrend and hitting a fresh all-time low on the stock exchanges.
The stock slipped nearly 4 per cent during the session to touch Rs 76.29 on the National Stock Exchange (NSE).
By around noon, the stock was hovering close to its day’s low at Rs 76.41, with strong trading activity as nearly 7 million shares changed hands.
The sharp fall has brought the stock close to its issue price of Rs 70, with the current market price now less than 10 per cent above its IPO level.
The decline also means that the company has erased more than 85 per cent of the gains it made on its listing day.
The stock has seen a steep correction since hitting its record high of Rs 188.50 on September 18, 2024, shortly after its debut in the market. From those levels, the shares have dropped about 60 per cent.
Bajaj Housing Finance had launched its IPO at Rs 70 per share and delivered a strong debut, listing at Rs 150, which translated into a gain of 114 per cent for investors on the first day of trading.
Founded in 2008, the company is a subsidiary of Bajaj Finance and operates in the housing finance segment.
In the third quarter of FY26, the company reported a 6 per cent year-on-year decline in consolidated net profit at Rs 4,066 crore.
However, its total income rose more than 15 per cent year-on-year to Rs 21,215 crore.
The company’s assets under management stood at Rs 4,88,477 crore at the end of the December quarter.
In last five days, it dropped by 4.14 per cent. The stock dropped 12.29 per cent in last one month.
--IANS
pk