Shares of Cyient DLM Limited fell the most since its listing on Monday after profit declined in the first quarter.
The company's net profit fell 15% to Rs 5.36 crore in the quarter ended June, according to an exchange filing.
The stock was listed on the exchanges on July 10 at a 58.77% premium to its IPO price. The IPO was subscribed to 67.31 times, with institutional buyers leading the demand.
Cyient DLM Q1FY24 YoY
Revenue from operations rose 28% to Rs 217.15 crore.
Ebitda gained 73% to Rs 19.98 crore.
Ebitda margin stood at 9.2% vs. 6.8%.
Net profit fell 15% to Rs 5.36 crore.
Shares of Cyient DLM fell 0.63% to Rs 495.1 apiece, compared to little change in the NSE Nifty 50 as of 10:18 a.m. The stock fell 9.41% intraday, the most since its listing on July 10.
The only analysts tracking the company maintain a 'buy' rating, with the 12-month price target implying a potential upside of 27.6%.
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