The Burger King India stock price fell another 10% today to hit the bottom circuit at Rs 161.45 each on BSE. In yesterday’s afternoon trading, Burger King India shares hit the 10% lower circuit at Rs 179.35, after rising in morning trading to reach the upper circuit. The company’s market cap fell to Rs 6,161.81 crore today from Rs 6,844.98 crore yesterday. Since its stock market debut, Burger King India shares have been in a growth phase and have hit an all-time high of Rs 219.15 each. With today’s fall, the stock has fallen more than 26% from its all-time high.
As Burger King shares were reaching new highs, some analysts warned investors and advised them to continue recording profits. The shares of Burger King India have registered their fourth best listing on the equity markets so far in 2020. The top three quotes were Chemcon Specialty Chemicals, Happiest Minds Technologies Route Mobile with a listing premium of up to 114%. Burger King India’s initial public offering of Rs 810 crore (IPO) was subscribed 156.65 times by investors across all categories. The issue received offers for 1,166 crore of shares versus the offer size of 7.44 crore of shares. During the three-day offering process, most brokers and analysts had assigned an “underwriting” rating. at issuance for listing gains as an IPO it was priced lower than its peers such as Jubilant FoodWorks and Westlife Development.
Meanwhile, Mrs Bectors Food Specialties’ recently concluded IPO of Rs 540-crore has become the most subscribed number of 2020. It has been subscribed 197.36 times with all categories of investors oversubscribing their quote. It is followed by Rs 444 crore Mazagon Dock Shipbuilders IPO, which received the second highest subscription of 157.41 times. While Burger King India was the third most subscribed number, with 156.65 applications, and Happiest Minds Technologies the fourth most subscribed IPO so far this fiscal with 150.98 times of subscription.
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