The stock surged during the bi-annual rebalancing exercise of NSE indices, which led to inflows in multiple stocks, including Bajaj Housing Finance.
Bajaj Housing Finance, which will start trading on the Nifty Next 50 or the Nifty Junior index from Friday, March 28, would have likely received net inflows worth up to $17 million, according to Nuvama Alternative & Quantitative Research.
Shares of Bajaj Housing Finance were on a three-day losing streak, having declined every single day of the week so far before Thursday’s surge.
Bajaj Housing Finance was one of the most successful listings of 2024, with the stock having listed at a premium of over 100% in comparison to its issue price of ₹70 per share. The stock went on to make a post-listing high of ₹188 before correcting.
April will also be a crucial month for Bajaj Housing Finance as its shareholder lock-in will end. As many as 529 crore shares or over 64% of its outstanding equity will become eligible to be traded.
It needs to be mentioned that the end of the lock-in period does not mean that all the shares will be sold in the open market, but they will only become eligible to be traded.
Despite the 9% surge on Thursday, shares of Bajaj Housing Finance are still down 33% from their post-listing high.