(Reuters) -Indian non-banking financial company Bajaj Finance on Thursday named Anup Kumar Saha as its managing director, replacing Rajeev Jain.
The company said Jain will be re-designated as its vice chairman for three years, effective April 1.
Saha, who currently serves as the deputy managing director, will also take on his new role starting April 1, until the end of his tenure on March 31, 2028.
Saha joined Bajaj Finance in 2017. He has served 25 years in the financial services industry, of which 14 years were with ICICI Bank and 11 years with non-bank entities.
Morgan Stanley said earlier this week that investors would likely view Jain’s appointment to another senior role at Bajaj Finance as positive, potentially driving a rally in the stock.
However, the brokerage cautioned that if he were to move only to a position at the holding company, Bajaj Finserv, the stock could see a downside of 5% to 8%.
Jain had said in January that he intended to remain with Bajaj Finance and be actively involved in shaping its strategy.
(Reporting by Nishit Navin and Ashish Chandra in Bengaluru; Editing by Shreya Biswas)
