Shares of Burger King India hit their 10 per cent lower circuit on the stock exchanges for the second consecutive day on Friday.
The stock was frozen at Rs 157.50 apiece on the National Stock Exchange (NSE), down 10 per cent from its previous close. On the BSE it was locked at Rs 161.45 per share. After today’s price movement, the market capitalisation of Burger King India now stands at Rs 6,161.81 crore, according to the data available on BSE during the early afternoon on Friday.
The scrip has seen sharp movements ever since its stellar listing earlier this week. After rallying 265.25 per cent from its issue price of Rs 60, it hit an all-time high of Rs 219.15 on the BSE during early deals on Thursday, however later that afternoon it swung the other way and dropped to Rs 179.35, hitting a 10 per cent lower circuit for the first time.
So far in Friday’s trade, over 1.75 lakh shares have been traded on the BSE while over 45 lakh shares have exchanged hands on NSE, data from the respective stock exchanges showed.
The initial public offering (IPO) of Burger King too was met with a robust demand earlier this month. The issue got oversubscribed within a few hours of opening and eventually got subscribed a whopping 156.65 times.
News Source:- indianexpress