Bajaj Finance Share Price Swings As Stock Trades Ex-Split
Bajaj Finance is also set to reward its shareholders with a massive windfall, turning 10 shares into 100 on Monday.
The share price of Bajaj Finance Ltd. rose as much as 2.45% before declining 0.81% to trade in the red. The company's shares are trading on an ex-split basis. The company had announced that it will split its share from a face value of Rs 2 to Rs 1 each, with the ex date as June 16.
A stock split is when a company increases the number of outstanding shares by reducing the face value per share. This typically enhances liquidity as the stock price adjusts accordingly. While the number of shares increase, the total investment value remains unchanged.
Bajaj Finance is also set to reward its shareholders with a massive windfall, turning 10 shares into 100, in its rollout of a combination of a stock split and bonus issue on Monday.
To qualify for these corporate actions, investors needed to hold shares as of the record date of June 13, announced by the company.
Bajaj Finance Share Price Today
The scrip rose as much as 2.45% to Rs 956 apiece before declining 0.81% to Rs 925.50 apiece. It pared losses to trade 0.55% lower at Rs 927 apiece, as of 9:50 a.m. This compares to a 0.02% advance in the NSE Nifty 50.
The stock has fallen 86.35% on a year-to-date basis, and is down 87.32% in the last 12 months. Total traded volume so far in the day stood at nine times its 30-day average. The relative strength index was at 73.08.
Out of 39 analysts tracking the company, 22 maintain a 'buy' rating, 12 recommend a 'hold' and five suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 1.4%.
