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Bajaj Finance shares declined even as the NBFC firm posted a strong performance in the September quarter. While Jefferies and CLSA reiterated their buy views on Bajaj Finance, domestic brokerage Motilal Oswal remains the most bullish in terms of targets among others. However, the chinks in its armour remain on the margins front, according to analysts.

The stock rose over 4% in a week and over 17% in the last 3 months, which helped the stock to break out from a consolidation pattern last week.

Pledging of shares is one of the options that the promoters of companies use to secure loans to meet working capital requirements, and personal needs and fund other ventures or acquisitions.

The stock quoted a 52-week high of Rs 4984.1 and a 52-week low of Rs 3310.0.

The spread compression remained modest. Profitability remains strong and the return on equity (ROE) is of 22%+ even post-capital raising, it added.

Yet the dollar, which has moved in lockstep with yields lately, was supported without gaining much.

The repayments had not been made by early Wednesday, Reuters reported. The company last week warned of its inability to meet offshore debt obligations.

On a quarter-by-quarter basis, GDP grew 1.3% in the third quarter, accelerating from a revised 0.5% in the second quarter, and the rate was above the forecast for growth of 1.0%.

The Cboe Volatility Index rose 0.25 points to 17.46 on Tuesday, about 3 points shy of the recent high of 20.78 touched on Friday.