The stock declined 1.43 per cent to settle at Rs 1,845 on the BSE. Intra-day, it dropped 2 per cent to Rs 1,834
Shares of Bajaj Finserv Ltd on Tuesday ended over 1 per cent lower after the financial services firm signed Share Purchase Agreements for the acquisition of 26 per cent stake owned by Allianz SE of Germany in its insurance businesses Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company.
The stock declined 1.43 per cent to settle at Rs 1,845 on the BSE. Intra-day, it dropped 2 per cent to Rs 1,834.
On the NSE, shares of the firm slipped 1.43 per cent to Rs 1,844.65.
The stock emerged as the biggest laggard among the Sensex and Nifty firms.
Rising for the second day, the 30-share BSE Sensex jumped 1,131.31 points or 1.53 per cent to settle at 75,301.26. The NSE Nifty surged 325.55 points or 1.45 per cent to 22,834.30.
The execution of the Share Purchase Agreements (SPAs) marks the end of a 24-year relationship and also the culmination of constructive and amicable discussions to ensure a seamless transfer of the stake of Allianz.
The acquisition of Allianz SE's stake will increase Bajaj Group's ownership in Bajaj Allianz General Insurance Company (BAGIC) and Bajaj Allianz Life Insurance Company (BALIC) to 100 per cent from the current 74 per cent, Bajaj Finserv said in a statement on Monday.
It said the acquisition is subject to regulatory approvals, including a nod from the Competition Commission of India and the Insurance Regulatory and Development Authority of India.
The agreed consideration for 26 per cent stake in BAGIC and BALIC is Rs 13,780 crore and Rs 10,400 crore, respectively, it said.