Bajaj Finance shares dropped in early trade on July 22 after the sudden resignation of its Managing Director, Anup Kumar Saha. His exit has sparked fresh concerns about the company’s leadership planning, especially since he was seen as the top internal choice to lead the company in the future.
Saha stepped down due to personal reasons. In his resignation letter, he thanked the board and promised to support the transition. Notably, he also resigned from the board of directors. Industry insiders suggest that Saha might be moving towards a leadership role at IndusInd Bank.
To handle the change, Bajaj Finance has re-assigned Rajeev Jain with additional responsibilities. He is now the Vice Chairman and MD until March 31, 2028. Jain’s return brings short-term relief to investors, who trust his leadership.
Bajaj Finance shares were down 0.7 percent, trading at ₹942.15 on the NSE.
What Are Brokerages Saying?
Brokerages are divided on the impact of Saha’s exit.
Morgan Stanley called the resignation a “setback” for the company’s succession planning. However, they believe the situation is under control for now.
Emkay Global had a sharper take. They said the move didn’t come as a surprise to investors and might even create short-term positivity since it clears doubts over leadership. Jain’s continuation until 2028 gives some comfort.
Still, over the long run, Emkay warned that Bajaj Finance must now revisit its leadership pipeline. Saha was being trained internally for more than seven years. His departure less than two quarters into his MD role raises questions.
Emkay also noted that with Bajaj Finance growing fast and potentially becoming a bank after 2028, succession planning is more important than ever.
For now, the company is stable. But the focus will return to leadership plans soon.
Emkay has maintained its “Add” rating on the stock. However, it will wait for Bajaj Finance’s June quarter results on July 24 before making any new calls.
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