Premier Energies Share Price Hits One-Month Low As Anchor Investor Lock-In Ends
As many as 10.6 crore shares or 23% of the total equity of Premier Energies has now become eligible for trading in the open market.
Premier Energies Ltd.'s share price hit a one-month low after the lock-in period post its initial public offering ended Friday.
As many as 10.6 crore shares or 23% of the total equity has now become eligible for trading in the open market. The six-month lock was for anchors investors.
Investors are required to hold shares of the newly-listed stocks for a certain period post listing.
However, it doesn't mean all shares will be sold in the open market.
Premier Energies Share Price
Premier Energies share price fell 9.10% to Rs 840.15 apiece, the lowest level since Jan. 28. It pared losses to trade 4.77% down at Rs 880.25 apiece as of 12:36 p.m., as compared to a 1.24% decline in the NSE Nifty 50.
The stock extended losses to second-day. It has declined 5.38% in four months. It debuted on the street on Sept. 3 at 86% premium.
Total traded volume so far in the day stood at 1.7 times its 30-day average. The relative strength index was at 34.01.
Out of three analysts tracking the company, one maintains a 'buy' rating, one recommends a 'hold' and one suggests to 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 22.5%.
