New Delhi, March 19 -- Bajaj Finserv's latest move-acquiring Allianz's 26% stake in its life and general insurance businesses for Rs.24,000 crore-was expected to turn heads. After all, Allianz had been Bajaj's long-standing international partner for over two decades. Yet, instead of a resounding vote of confidence from the markets, the reaction was lukewarm. The stock rose just 2% in the two days following the announcement on 17 March, trailing the 2.9% gain in the Nifty Financial Services Index.

Read this | Allianz deal brings little cheer for Bajaj Finserv's shareholders

The muted response reflects deeper concerns about Bajaj Finserv's strategic direction. As a diversified financial conglomerate, it has a sprawling presence across len...