Burger King India shares fell 179 percent per share this afternoon, down from a 10 percent lower price after rising to hit the upper price this morning.
Burger King India’s share price fell sharply this afternoon after rising sharply for the past three days. The stock fell 179 percent per share this afternoon, off the 10 percent price, after rising to hit the upper price this morning. In the morning business, the Burger King shares were blocked in the upper 10 percent cycle. The company’s market capitalization has also fallen from Rs 6,364.96 billion in the morning to Rs 6,844.98 billion.
According to an analyst, the rally in Burger King India stocks exceeded expectations and the stock rose in price over 200 rupees. “The expected profit booking is made on cards. The listing day high of 135 could be tested soon. Don’t keep it below 135, ”Vishal Wagh, head of research at Bonanza Portfolio Ltd, told Financial Express Online.
Burger King India made its stock market debut earlier this week with a premium of 92 percent compared to the issue price of 60 rupees each. At the current level, Burger King shares are up 55 percent from the listing price of 115.35 rupees per share and 199 percent from the IPO price. Burger King India’s initial public offering of 810 rupees was subscribed a massive 156.65 times during the three-day bidding process. During the IPO, most of the research and brokerage firms had recommended subscribing to Burger King India’s IPO in order to get the listing profits.
Of the 12 IPOs the stock markets have seen so far this year, Burger King India is one of the four largest IPOs. Since the trading day, the shares of Route Mobile are up 221.6 percent, Happiest Minds Technologies 94.7 percent and the share price of Rossari Biotech is up 94 percent.
Meanwhile, the IPO of Ms. Bectors Food Specialties on the last day of the tender also saw strong demand from investors in various categories.
Get live stock quotes from BSE, NSE, the US market and the latest in net asset value, portfolio of mutual funds, calculate your tax with the Income Tax Calculator and know the top gainers, top losers and best equity funds in the market. Like us on Facebook and follow us on Twitter.
Financial Express is now in the telegram. Click here to join our channel and stay up to date with the latest news and updates from Biz.