Shares of RateGain Travel Technologies Ltd. fell on Thursday after the company set the floor price for qualified institutional placement.
The company set the floor price at Rs 676.66 per share, according to an exchange filing. That's a nearly 5% discount to Wednesday's closing price of Rs 711.75 apiece.
"The company may offer a discount of not more than 5% on the floor price so calculated for the issue," the filing said.
Shares of the company fell as much as 4.33% to 681.10 apiece. It pared losses to trade 1.40% lower at Rs 701.95 apiece as of 11:31 a.m. compared to a 0.6% advance in the NSE Nifty 50 Index.
The stock has risen 146% year-to-date. Total traded volume so far in the day stood at 2.1 times its 30-day average. The relative strength index was at 65.06.
All six analysts tracking the company maintain a 'buy', according to Bloomberg data. The average of 12-month price targets implies an upside of 2.08%.
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