Categories: Business

rahul bajaj to step down as bajaj finance chairman

Photo: FILE

rahul bajaj to step down as bajaj finance chairman

new Delhi. The country's leading businessman Rahul Bajaj has decided to step down as chairman of Bajaj Finance. The company informed about their decision today. Sanjeev Bajaj has been appointed as the chairman in his place. Sanjeev Bajaj will take over from August 1.

Giving information about Rahul Bajaj's decision, Bajaj Finance informed through the release that the company's non-executive chairman Rahul Bajaj has decided to resign from his post as part of the plan to hand over the reins to the next generation. He will leave his office on 31 July 2020. The company said that Rahul Bazar was associated with the company's inception in 1987 and with the entire group for the last 5 decades. The company made it clear that it would remain with the company as a non-executive non-independent director. Sanjeev Bajaj, who succeeded him, is currently the vice chairman of the company.

Bajaj Finance's consolidated profit stood at Rs 962 crore, down 19.4 percent over the previous year, according to the company's results released today. The company had a profit of Rs 1195 crore in the same quarter last year. According to the company, there has been a clear impact of the epidemic on their business during the quarter. On the other hand, the consolidated asset under management of the company rose by 7 per cent to Rs 1.38 lakh crore during the quarter. At the same time, the company's Moratorium book has come down to Rs 21705 crore level, which is 15.7% of the total AUM. It was at 27 per cent on 30 April.

This post was published on July 21, 2020 5:12 pm

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