Bajaj Finance shares rose by 4.5% to reach a new 52-week high of Rs 9,070 during intraday trading on Friday. This increase happened after the company announced that Rajeev Jain, who has been the Managing Director (MD) for many years, will take on a new role as vice chairman starting April 1, right after he finishes his current term as MD.
Anup Kumar Saha, who is currently the deputy managing director, will replace Jain as MD for three years, starting on April 1, 2025. Jain has been with Bajaj Finance for 18 years and is credited with making it India’s largest consumer finance company. He also serves as vice-chairman for Bajaj Housing Finance Limited.
Sanjiv Bajaj will continue to serve as the chairman of Bajaj Finance. Before joining Bajaj Finance, Rajeev Jain worked in leadership positions at companies like General Electric, American Express, and AIG.
The new MD, Anup Kumar Saha, has been with Bajaj Finance since 2017 and has over 30 years of experience, including a significant time at ICICI Bank.
According to Niftystat data, the average target price for Bajaj Finance shares is Rs 8,665, suggesting a small potential decrease of 2% from the current price. Nevertheless, 32 analysts recommend the stock as a ‘Buy’.
So far this year, Bajaj Finance shares have gained 29% and increased by 31% over the last three months. The company is valued at Rs 5,54,287 crore.
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