Nazara locked at 20% lower circuit after initial listing gain

NEW DELHI: The initial euphoria over Technologies listing faded soon after listing and the scrip was now locked at the 20 per cent lower circuit. The stock was, however, still up 43 per cent over the issue price of the IPO.

The stock was down 20 per cent from opening price at Rs 1,476.80, with 10 lakh pending sell order and no buyers in sight.

Earlier, Nazara Technologies made a bumper market debut on Tuesday as the shares listed at Rs 1,990 on NSE, a 80.74 per cent premium over the issue price of Rs 1,101. On BSE, the scrip got listed at Rs 1,971, a 79.02 per cent premium.

Nazara become the first gaming company to list in India. The 10.82 per cent stake ace investor Rakesh Jhunjhunwala holds in the company was worth Rs 656 crore at listing. In valuation terms, it has become his sixth largest stock bet.

Lately, the craze over IPOs have quieted with many of them debuting with discounts. Nazara was quoting at a strong premium in the grey market, and the eventual listing gain was on expected lines.