Bajaj Finance share price down 2% after Q2 profit dips 36%

Bajaj Finance share price was down over 2 percent intraday on October 21 after the company reported a 36 percent drop in profits for the September quarter.

The NBFC major saw a massive 36 percent decline in consolidated profit for the quarter ended September 2020 due to elevated provisions. Profit fell to Rs 965 crore during the quarter, down from Rs 1,506 crore in the same period last year.

Consolidated net interest income increased 4 percent to Rs 4,165 crore in Q2FY21 year-on-year, which was better than the CNBC-TV18 poll estimates of Rs 3,711.7 crore.

At 1411 hours, the stock was trading at Rs 3,180.25, down Rs 81.85, or 2.51 percent. It touched an intraday high of Rs 3,295.00 and an intraday low of Rs 3,176.45.

According to Moneycontrol SWOT Analysis powered by Trendlyne, MFs decreased their shareholding last quarter with recent results showing declining operating profit margin and net profits (YoY).

However, Moneycontrol technical rating is very bearish, with moving averages and technical indicators being bearish.