CarTrade Stock NSE, BSE: Weak listing! Share price DECLINES this much from issue price - Details of 1st trading session post-market debut

Stock NSE: On its first day of the market debut, the shares of an online auto classified platform CarTrade Tech Limited decline by over 7 per cent to Rs 1500 per share on the BSE and by almost 8 per cent to Rs 1491 per share on the NSE from its issue price of Rs 1618 per share at the market close on Friday. 

The stock, earlier today, made a market debut almost in-line with Zee Business Managing Editor and the market guru Anil Singhvi’s expectations. The company’s stock got listed over 1 per cent lower on the exchanges to Rs 1599.8 and Rs 1600 per share on NSE and BSE respectively. 

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Ahead of its listing, Singhvi had expected the listing of this new age business-model company would be mute near its issue price of Rs 1618 per share, suggesting long-term Investors to Hold. 

Intraday, the counter touched the new 52-week high of Rs 1610 per share on the BSE, while it maintained the same high (issue price) of listing on the NSE. Whereas the stock also registered a new low post listing earlier today, it hit Rs 1476 and 1475 per share, a 52-week low on BSE and NSE respectively. 

However, from the listing price, the stock closed over 6 per cent on the BSE, while around 7 per cent on the NSE, as compared to 0.5 per cent decline in the BSE Sensex and 0.7 fall in Nifty50. 

This is the second such weak listing this week, after Windlas Biotech. The pharma company shares began its stock market journey by slipping around 10 per cent on Monday (August 16, 2021). 

The three-day initial public offer (IPO) was oversubscribed by 20.29 times, between August 9-11, 2021. The Rs 2,998.51-crore IPO was in a price range of Rs 1,585-1,618 per share. 

CarTrade, founded in 2009, has been backed by marquee investors—Warburg Pincus, Temasek, JPMorgan, and March Capital. It allows customers to buy and sell used as well as new cars.