Rahul Bajaj to step down as Bajaj Finance chairman on July 31, 2020. His son Sanjeev Bajaj Sanjiv Bajaj, currently the Vice Chairman of Bajaj Finance, will assume the position of Non-Executive Chairman with effect from August 1, the company said in a statement to stock exchanges.
Rahul Bajaj, who has been the non-executive chairman of the company since 1987, will step down on July 31, 2020. However, He will continue to be a non-executive non-independent director of the company.
Sanjeev has been the Chairman of Bajaj Allianz Life Insurance, Bajaj Allianz General Insurance Company since 2013. Shares of the company plunged 6.43% on news that Rahul Bajaj was stepping down as chairman.
On July 21, Bajaj Finance reported a consolidated net profit of Rs 962 crore for the quarter that ended on June 30, a 19 percent drop YoY.