Net profits of Bajaj Finance fell 19.40% to Rs.962.32 crore for the Jun-20 quarter. The company’s operations took a big hit on account of the COVID-19 pandemic and the subsequent lockdown. This impacted fresh business and recovery from customers. Bajaj Finance drastically cut down on its moratorium AUM to 15%.

Meanwhile, the stock price fell 65% after Rahul Bajaj stepped down from the chairmanship of Bajaj Finance. He will continue to serve in a non-executive capacity. Sanjiv Bajaj will take over as the chairman of Bajaj Finance.