Bajaj Finance has written off ₹390 crore of exposure towards Infrastructure Leasing and Financial Services Ltd (IL&FS) and Karvy Stock Broking at a time when banks and non-bank financiers are reeling under the burden of increased provisioning due to the covid-19 pandemic.
In an earnings concall with analysts, Rajeev Jain, managing director and chief executive officer, said Bajaj Finance is not hopeful of any recovery from the companies in the immediate future.
With the IBC being suspended for a year, the time taken to recover is high, the management said. Bajaj Finance is among the group of lenders with the largest exposure to Karvy Stock Broking, which raised money from lenders by pledging shares owned by its clients.