Indegene share price tanks 12% after bumper debut. Buy, sell of hold?

livemint.com:

Stock market today: Despite weakness across segments on Dalal Street, Indegene share price listed on BSE and NSE at a bumper premium. Indegene share price is listed on BSE at ₹659.70 per share, whereas on NSE, Indegene shares are listed at ₹655 apiece.

However, the stock failed to sustain such a higher premium as profit-booking triggered soon after the share debut and touched an intraday low of ₹527.10 on NSE and ₹527.80 apiece on BSE, logging a nearly 19 percent dip against the listing price. However, the newly listed stock witnessed some rebound and pared some losses.

Indegene's share price is currently quoted at ₹600 apiece on NSE, which is nearly 9 percent lower than the listing price. Regarding the Indegene share price listing, Prashanth Tapse, AVP — Research at Mehta Equities, said, "Considering the strong subscription demand and a healthy listing gain as per our expectations against the issue price of ₹452 per share.

We believe the healthy listing is justified due to its virtual monopoly in its services tailor-made for the life sciences industry and its deep domain expertise in pharmaceutical marketing, clinical trials, pharmacovigilance, medical and regulatory affairs, and health informatics, which is benefiting its clientele base across the value chain." For the Indegene share allottees post-listing, the expert advice from Mehta Equities is clear. "Post-listing, we see the valuations are getting stretched and considering market selloff mood and other parameters, we are recommending conservative investors to book profits, while risk-taking investors can continue holding for long term." This guidance is crucial for making informed investment decisions.