Bajaj Finserv has indicated to distance itself from its joint venture Allianz SE (Allianz). The company on Tuesday said its foreign joint venture partner Germany’s Allianz SE is actively considering exiting the life and general insurance joint venture. Let us tell you that Allianz has 26 percent stake in both Bajaj Allianz Life Insurance and Bajaj Allianz General Insurance.
What did the company say
The company said in the information given to the stock market – We wish to inform that over the last several years, Bajaj Group has built two strong businesses in Life and General Insurance through the 74 percent share stake held by the company (Bajaj Finserv Limited). Is. It has a joint venture with Allianz SE which holds the remaining 26 percent stake. Let us tell you that the discussions are in the initial stage and no official proposal has been brought from either side in this regard. However, there are reports that there have been differences between the two entities over valuation.
Bajaj Allianz is the third largest general insurance company in the country on the basis of premium. Bajaj Allianz Life Insurance is among the top 10 insurance companies with assets under management of Rs 1 lakh crore as of March 31, 2024.
stock decline
Talking about Bajaj Finserv shares, it fell by more than 2 percent and closed at Rs 1723.20. The price of this share during trading was Rs 1716.50. On September 27, 2024, this share reached 52 week high of Rs 2,029. At the same time, on June 4, 2024, this share fell to a low of Rs 1,419. This is the 52 week low of the stock.
Big fall in stock market
BSE’s benchmark index Sensex based on 30 shares lost its initial gains and closed at 81,820.12, falling 152.93 points or 0.19 per cent. It fell 337.48 points to a low of 81,635.57 during trading. National Stock Exchange (NSE) index Nifty also fell by 70.60 points or 0.28 percent and closed at 25,057.35.
