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Sigachi, Zomato, Policybazaar, more D-Street newbies are losing steam;  Additional payment slips 19%

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Sigachi, Zomato, Policybazaar, more D-Street newbies are losing steam; Additional payment slips 19%

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The beginner’s charm seems to be fading for most newbies on D-Street this year. Whether Sigachi, Sapphire Foods India, Zomato or PB Fintech, shares of newly listed companies corrected in Monday’s stock market chaos, with some even falling by more than 10%.

Among newbies, Paytm, India’s largest initial public offering (IPO) this year, failed to encourage the market on the first trading day of November 18. its registration.

“The correction was much needed and will be healthy. We were above fundamentals and the IPO price was exceeding market expectations,” said AK Prabhakar, head of research at IDBI Capital.

Multiple factors were at play, including looming fears of a new foreclosure in parts of Europe and Australia and the market couldn’t ignore them for long, another expert said.

Dr VK Vijaykumar, chief investment strategist at Geojit Financial Services, cited the triggers for the correction: RBI warning, India downgrading by foreign brokerage firms over excessive valuations, selling supported by FIIs and new waves of COVID-19 in parts of Europe and lockdowns in countries like Austria.

He believes that Paytm’s “catastrophic” listing has started the euphoria and market sentiment has taken a hit.

“Evaluating new age technology stocks is extremely complex. Valuations are driven by hope, ”he said.

Here is the performance of the newly listed shares on November 22

Sigachi Industries Limited: The action that hit the market on November 15 was closed down 5% per coin of Rs 543.55 on the Bombay Stock Exchange (BSE). Sigachi made its debut in the blockbuster secondary market last week with stocks listed at a premium of around 250% to the issue price.
Payment : Shares of One 97 Communications Ltd, the parent company of the digital payments platform, extended the losses and ended in a more than 13% drop to Rs 1,360.30 on BSE. Paytm made a mixed start on Nov. 18 with its shares listed at a 9 percent discount from its issue price of Rs 2,150. The stock slumped 27 percent at the close that day .
Sapphire India Foods: Shares of operator KFC and Pizza Hut ended down nearly 4% to Rs 1,171.65 per share. The company also debuted in the secondary market on November 18 and received a strong response. The shares were listed at a 14% premium at Rs 1,350 per share on the NSE against the IPO issue price of Rs 1,180.
Zomato: Shares of the food aggregator plunged more than 11% during today’s volatile trading session. However, he cut losses which ended in a decline of almost 3% at the close. Food delivery company Zomato hit the secondary market in July with its shares listed at a premium of more than 50 percent over its issue price.
PB Fintech: Shares of the company that owns Policybazaar and Paisabazaar also fell more than 10 percent during today’s trading. It finished down 6.60% at Rs 1,243.10 each on BSE.
FSN e-commerce companies: The share of Nykaa’s parent company fell almost 1% to Rs 2,097.80 per share. The beauty and fashion retailer posted gains of over 80% on November 10. It also reached a market capitalization of Rs 1 lakh crore when it started out, making it the 55th most valued company in India in the listed space.
SJS companies: The manufacturer of decorative aesthetic products debuted on the stock market on November 15. Today the stock was down 6.21% to Rs 439.80 apiece.
Fino payment bank: The stock slipped nearly 12% to Rs 397.10 per share on BSE. On November 12, the company’s shares were listed at a 5% discount to the issue price of Rs 577 of its initial public offering (IPO), which was subscribed twice.
Paras Defense and space technologies: The company had made headlines for being the best debut yet in 2021, through October. He had recorded 170% trading gains on BSE. Today, the stock was down 5% at the close.

(Edited by : Ajay Vaishnav)

Sigachi, Zomato, Policybazaar, more D-Street newbies are losing steam; Additional payment slips 19%

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