Bajaj Finance says no analyst call held on its asset quality

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Published: March 26, 2020 2:50:43 AM

False details were being circulated regarding a Bajaj Finance conference call scheduled on Tuesday to discuss the impact of Covid-19 with analysts and investors.

Bajaj Finance on Wednesday clarified that the non-banking financier did not hold any conference call to discuss the pandemic outbreak and its impact on growth and asset quality.Bajaj Finance on Wednesday clarified that the non-banking financier did not hold any conference call to discuss the pandemic outbreak and its impact on growth and asset quality.

Growing panic in the markets over the economic impact of the novel coronavirus (Covid-19) outbreak has led to financial institutions struggling to dispel rumours.

Bajaj Finance on Wednesday clarified that the non-banking financier did not hold any conference call to discuss the pandemic outbreak and its impact on growth and asset quality.

False details were being circulated regarding a Bajaj Finance conference call scheduled on Tuesday to discuss the impact of Covid-19 with analysts and investors.

“We clarify that the company did not schedule aforesaid con-call with investors/analysts. The aforesaid con-call invite was totally false/fake and could have been circulated with malafide intent,” Bajaj Finance said. The company appealed to investors not to take cognizance of “fake circulation without verifying the same with the company or on websites of stock exchanges.” On Tuesday, the company’s stock hit the upper circuit at Rs 2,490.85 on BSE.

In the wake of the recent moratorium and eventual restructuring of the deeply stressed Yes Bank earlier this month, private banks and financial institutions have been battling rumours surrounding their stability. Following the events involving Yes Bank, the central bank wrote to chief secretaries of states not to transfer deposits out of private banks, assuring them that apprehensions about the safety of deposits kept with private lenders were misplaced. RBL Bank, for instance, has put out clarifications twice in March to dispel speculations regarding the lender’s financial health. The private lender saw withdrawals from institutional depositors and state government organisations, constituting 3% of its entire deposit base in the week between March 10 and March 17. “Market rumours around financial health and stability of the bank are totally misplaced, motivated and not based on facts,” the company said on March 17.

The government has also started a social media drive to dispel fake news circulating on platforms like WhatsApp, as well. Amid lockdown to limit the spread of Covid-19, rumour mongering and speculation has intensified, leading to the Press Information Bureau issuing updates on social media regarding fake news.

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