BENGALURU (Reuters) - Shares of India's Bajaj Finance rose as much as 7.5% on Friday, their biggest intra-day jump in nearly two years, after the Indian central bank reversed a five-month ban on some of its lending products.

The non-banking lender's stock had dropped nearly 5% since the ban was placed in November. That included a 7.7% slide last Friday after the company gave a disappointing forecast for the current fiscal year, largely due to the ban.

The Reserve Bank of India reversing its ban lifted the overhang on Bajaj Finance and the stock could see a relief rally after being under pressure since results last week, Morgan Stanley analysts said.

The impact on profit before tax could be limited to 1.5% in the April-June quarter, compared with a nearly 3.5% hit in the January-March quarter, the brokerage estimated in a note.

The Street's focus will now turn to fundamentals after the RBI move, CLSA analysts said in a note.

The lifting of the ban also sent shares of Bajaj Finserv, Bajaj Finance's holding company, 3.9% higher.

Bajaj Finance's stock is now little changed so far this year, compared with a 2.8% gain in the finance index and a 4.8% rise in the benchmark Nifty 50 index.

(Reporting by Sethuraman NR in Bengaluru; Editing by Savio D'Souza)