Stocks in Burger King India forfeit the day’s earnings, settling after hitting the 10% lower circuit

Provided by: Express Web Desk | New Delhi |

Updated: December 17, 2020 16:13:45

Customers walk out of a Burger King Corp. fast food restaurant in Mumbai, India on Friday, December 15, 2017 (photographer: Dhiraj Singh / Bloomberg)

In a big swing in afternoon business, Burger King India shares gave up all morning gains and hit a 10 percent lower circuit. Earlier in the day, the stock had continued its bull run ever since star list, and hit its top 10 per cent circuit on exchanges.

During morning trading, Burger King India stock was frozen at Rs 219.15 on BSE and Rs 213.80 on the National Stock Exchange (NSE), both up 10% each since previous closure, thus recording a jump of 265.25% from the issue price of Rs 60 on the BSE and a rise of 256.33% on the NSE. Burger King India’s market capitalization (m-cap) was also touched Rs 8,363.96 crore post the share price rally early Thursday, according to the first available BSE data.

However, in the late afternoon deals, the stock took a sudden turn, gave up all of its day’s gains, turned negative, and hit the bottom circuit level of 10%. He obtained frozen at Rs 179.35 on BSE it’s at Rs 175.00 on NSE and eventually settled at those levels. The M-cap also dropped to Rs 6,844.98 crore after the crash, data on BSE showed.

In Thursday’s trading, over 1.51 crore ( shares of Burger King India were traded on BSE, while over 2.05 crore ( shares traded hands on NSE, data of the respective exchange showed.

The initial public offering of Rs 810-crore (IPO) of the leading fast service restaurant (QSR) was met with strong demand earlier this month. The problem is obtained overwritten within a few hours opening and eventually joined a huge 156.65 times.

At present, Burger King India has a strong presence in the north, followed by the west, south and east parts of the country.

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