The resignation is effective with immediate effect.
Rajeev Jain, the erstwhile Vice Chairman & Managing Director, who as promoted to executive Vice Chairman earlier this year at the completion of his term, will return to his position as VC & MD, till his term ends on March 31, 2028.
Saha was Managing Director of Bajaj Finance for just under four months. He had joined the company in 2017 and was named Managing Director with effect from April 1, 2025.
The presence of Rajeev Jain, and the seasoned top management can make the transition smooth, but succession will remain a medium-term deliverable, brokerage firm Jefferies wrote in a note.
“This will be Rajeev Jain’s fourth term at the helm, and while the norms around banks, which limits tenure for non-promoter CEOs to 15 years, does not apply to banks, the group may look at finding suitable options,” the note added.
Jefferies has a “buy” recommendation on Bajaj Finance, with a price target of ₹1,044 and ranks among its top NBCFC pick.
Morgan Stanley too retained its “overweight” recommendation on Bajaj Finance with a price target of ₹1,050. The brokerage said that while this appears a setback to Rajeev Jain’s succession plans, the situation is manageable.
Shares of Bajaj Finance ended 0.6% higher on Monday at ₹948. The stock is up 3.5% in the last one month.
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