Bajaj Auto Shares Plummet Amid Profit Decline

Bajaj Auto's shares fell over 13% after reporting a 31% decline in consolidated profit due to increased expenses and a one-time deferred tax provision. The company's market valuation dropped significantly. Despite a rise in total revenue, profits haven't met last year's figures, impacting investor confidence.

Bajaj Auto's shares plummeted over 13% on Thursday as the company disclosed a 31% year-on-year decline in consolidated profit after tax for the quarter ending September 30, 2024.

The company's stock fell 12.87% to close at Rs 10,122.30 on the BSE, having hit a low of Rs 10,071 during the session. On the NSE, it saw a 13.11% decrease, closing at Rs 10,093.50.

Bajaj Auto's market valuation took a massive hit, eroding by Rs 41,665.54 crore to Rs 2,82,672.93 crore. The decline was attributed to increased expenses and a one-time deferred tax provision, with profits falling from Rs 2,020 crore to Rs 1,385 crore this quarter.

(With inputs from agencies.)