Bajaj Finance Shares See Correction After Monday's Strong Rally Driven By Q3 Numbers

Bajaj Finance shares are seeing a correction in early Tuesday’s trading, hitting an intraday low of ₹5,900.25, day after the stock rode the positive wave on the back of strong third-quarter results.

What Happened: Shares of Bajaj Finance jumped over 4.5% to close at ₹6,021.60 on Monday.

The company saw a 40% year-over-year surge in its net profits to ₹2,973 crore in the latest quarter, which was in line with the market estimates.

The impressive numbers helped the non-bank financial institution (NBFB) halt its three straight session losing run on Monday when it jumped over 5% to reach the intraday high of ₹6,066.05.

Seeing the numbers, brokerages remained highly optimistic about the stock. Most analysts recommended buying the stock as they see a double-figure upside on the stock going forward. 

Analysts at Motilal Oswal Investment Services, Axis Direct, and ICICI Direct maintained their ‘buy' rating on the stock.

Motilal Oswal Investment Services with a price target of ₹6,880, sees a 16.22% upside on the stock. Analysts at Axis Direct and ICICI Direct see an over 20% upside on the stock with price targets of ₹7,400 and ₹7,250, respectively.

Price Action: Bajaj Finance shares were trading around 1.45% lower at ₹5934.25 in the early hours of trading on Tuesday.

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