After making an overwhelmingly positive listing at the equity markets, the fortunes of the rapid growth of Bajaj Housing Finance appears to have taken a bit of hit. Although this reduction in value post-listing is often seen as a common practice, the decline here is significant.
Bajaj Housing Fortunes Waver
The Bajaj Housing Finance shares dropped significantly in the intraday trade on Wednesday, September 18. The decline in the day's trade crossed the 4 per cent mark.
As far as the listing of the shares is concerned, Bajaj Housing Finance was listed on the equity markets at the price of Rs 150 per share on September 16. The stock was listed with a premium of 114 per cent. The listing price was double the issue price of Rs 70 per share. | Image: Wikipedia (Representative)
Bumper Gains on Day 1
As far as the listing of the shares is concerned, Bajaj Housing Finance was listed on the equity markets at the price of Rs 150 per share on September 16. The stock was listed with a premium of 114 per cent. The listing price was double the issue price of Rs 70 per share.
One the first day of trade, the company even reached a high of Rs 161 per share.
Bajaj Housing Shares Slump
On Wednesday, September 18, the company shares dropped significantly. The decline even dipped by over 4 per cent. This decline reduced in its intensity. The shares opened at Rs 181.00 and even reached the high of Rs 188.50 before slumping to the low of Rs 171.10.
Thereafter, there was a bit of an improvement in the company's share prospects; however, it continued to be in red. At the time of writing, at 12:43 IST, the shares of Bajaj Housing Finance declined by 3.75 per cent or Rs 6.81. This took the cumulative value to Rs 174.69 per share.
In addition, the likes of LIC Housing Finance and PNB Housing Finance saw gains of over 1 per cent. However, the likes of HUDCO and Sammaan Capital Ltd saw their shares slump in teh red.
