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Shares of Bajaj Finserv soared by 20 per cent hitting its upper limit on the BSE on Thursday boosted by Berkshire Hathaway’s deal with the company’s unit Bajaj Allianz General Insurance.
US-based Berkshire Hathaway yesterday said it plans to enter the Indian non-life insurance sector as a corporate agent of Bajaj Allianz General.
The company’s stock surged by 20 per cent to touch an upper circuit of Rs 527.45 on the Bombay Stock Exchange (BSE) on the back of heavy buying. On the National Stock Exchange as well, Bajaj Finserv shot up by 20.01 per cent to settle at Rs 530.25.
On the volume front, over 32 lakh shares of the company were traded on the two bourses.
As per the deal, the move would mark the maiden foray of Berkshire Hathaway into the Indian market.
As part of its planned India entry, the conglomerate led by billionaire Warren Buffett has incorporated Berkshire India to sell and distribute general insurance products in the country.
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