Bajaj Finserv fell 2% on Tuesday as sentiment on Dalal Street turned negative towards non-banking financial companies (NBFCs) after reports that group company Bajaj Allianz‘s gross direct premiums underwritten in August fell 59% on a month-on-month basis. Bajaj Allianz General Insurance is a joint venture between Allianz SE and Bajaj Finserv Ltd.

Shares of Bajaj Finserv were down 1.98% at an intraday low of Rs 17,030 on the BSE. On the National Stock Exchange (NSE), Bajaj Finserv shares fell 2% to Rs 17,025 per share during the session.

Shares of Bajaj Finserv were down 1.26% at Rs 17,157.50 per share on the BSE at 11:54 am. The benchmark Sensex was up 0.02% at the time.

On Monday, veteran fund manager Gurmeet Chadha said the Bajaj twins – Bajaj Finance and Bajaj Finserv – outperformed Housing Development Finance Corp (HDFC) and Cholamandalam Finance among housing financiers. He made the remarks as financial institutions scrambled to protect their profits amid rapidly rising interest rates in the COVID-19 era.

Recently, Bajaj Finserv said in a regulatory filing that the board had set a date of September 14, 2022, to decide which shareholders are eligible for bonus shares and stock split benefits.

The bonus share and stock split date for Bajaj Finserv are September 13, 2022. The non-banking financial company announced a 1:1 bonus share offering and a 5:1 stock breakdown.

Meanwhile, Indian equity benchmarks BSE Sensex and NSE Nifty50 rose on Tuesday amid gains across sectors, tracking a generally positive trend in other Asian markets. Financials, oil and gas, autos and healthcare stocks were the biggest contributors to the overall index’s gains.