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Bajaj Auto shares drop after LIC trims stake by 2%

Bajaj Auto shares drop after LIC trims stake by 2%

Bajaj Auto shares drop after LIC trims stake by 2%
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By CNBCTV18.com Nov 18, 2022 12:40:53 PM IST (Updated)

Currently, promoters hold 54.8 percent stake in Bajaj Auto while foreign institutional investors (FIIs) own 11.16 percent stake.

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Shares of two and three-wheeler manufacturer Bajaj Auto dropped on Friday after Life Insurance Corporation of India pared some stake in the company.
In a disclosure to the exchanges, LIC mentioned that it had pared its stake in Bajaj Auto to 5.2 percent from 7.2 percent earlier. The life insurer sold over 56 lakh shares in the company between November 3-16.
The average selling price of the transactions was Rs 4,069.65 per share.
On the other hand, promoters increased their stake in Bajaj Auto during the September quarter to 54.84 percent from 53.77 percent in the June quarter. Foreign institutional investors own 11.6 percent stake as per the latest shareholding pattern.
For the September quarter, Bajaj Auto reported a 16 percent drop in its net profit as exports fell by a quarter from the same period last year.
Sluggish economic conditions in select overseas markets impacted the company’s export billing volumes. However, Bajaj Auto witnessed an encouraging performance in ASEAN region.
Sales also remained flat year-on-year at 11.5 lakh units from 11.4 lakh units in the year-ago period.
Shares of Bajaj Auto are trading 1 percent lower at Rs 3,655.80.
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