Tata Technologies shares tank 8% as investors book profits after blockbuster listing
Tata Technologies fell nearly 8% to the day's low of Rs 1,218.15 on the NSE on Friday as investors booked profits after a bumper listing for the stocks on Thursday. The stock rallied as much as 180% over the issue price of Rs 500 on Thursday in its stock market debut.
Tata Tech stock hit the intraday high of Rs 1,400 on its debut before closing the session at Rs 1,313.
It got listed at Rs 1,200, which is a 140% premium over the issue price.
The selling pressure in the stock was amid high volumes with over 62.76 shares changing hands on the NSE at 9:50 am. The price correction also ensured its market cap slipped below its peer Tata Elxsi.
Tata Technologies' market cap was at Rs 49,467.22 crore today versus Rs 52,126 crore of Tata Elxsi.
With a bumper debut on exchanges not seen in two years, the market capitalisation of Tata Technologies jumped to over Rs 56,000 crore on the listing day and had surpassed those of peer stocks KPIT Technologies and Tata Elxsi at Rs 40,523.93 crore and Rs 52,199.48 crore, respectively.
In recent years, the best IPO in terms of listing gain was that of Sigachi Industries which debuted on November 15, 2021, at 253% premium. The stock had debuted at Rs 575 per share against an issue price of Rs 163.
The second-best IPO was that of Paras Defence which went up 171% on October 1, 2021.
