NEW DELHI: Shares of
Bajaj Finance
on Friday soared over 7.50 per cent after the
Reserve Bank of India
(RBI) lifted restrictions on the company on sanctioning and disbursal of loans through
eCOM
and
Insta EMI Card
. The stock rallied 7.54 per cent to Rs 7,400 on the BSE.
On the NSE, it climbed 7.51 per cent to Rs 7,400.
The stock emerged as the biggest gainer among the BSE Sensex and NSE Nifty components.
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 last year, the Central Bank had directed Bajaj Finance to stop sanction and disbursal of loans under its two lending products — eCOM and Insta EMI Card — due to non-adherence of the company to the extant provisions of digital lending guidelines.
“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 on Thursday.
The company further said it would now resume sanction and disbursal of loans in the two business segments including issuance of EMI cards.
“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.
