Burger King shares see sudden fall after hitting upper circuit1 min read . Updated: 17 Dec 2020, 04:56 PM IST
- Burger King shares had earlier hit 10% upper circuit intraday
Burger King shares were locked in 10% lower circuit today with prices fall to ₹179.35 on BSE. Earlier in the session, Burger King shares had hit 10% upper circuit of ₹219 on BSE. The recently listed stock, after more than doubling in price on market debut on Monday, had hit the upper circuit in the previous two session.
Sumeet Bagadia, executive director at Choice Broking, attributed the sudden fall in Burger King shares to "profit booking after a long rally since listing." Shares of Westlife Development also fell 7% today.
The market cap of Burger India has now fallen to ₹6,844 crore, after zooming to ₹8,363 crore in early trade. Burger King's market debut on Monday was the best since 2017 when Astron Paper & Board Mill Ltd. jumped 142%.
With restaurants open for business post-lockdown and covid vaccines in sight, investors are betting that the fast food chains will see a strong demand recovery.
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Burger King India's ₹810 crore IPO was subscribed a massive 156.65 times earlier this month. The quick-service restaurant chain currently operates 268 stores in India and out of them, eight are franchises, mainly located at airports, while the rest is owned by the company.
Meanwhile, the IPO of Mrs Bectors Food, which is currently open, has also seen strong demand. It was fully subscribed in just few hours after opening on Tuesday. The price band in Mrs Bectors Food IPO has been fixed at ₹286-288 per equity share. The company sells biscuits under the 'Cremica' brand and manufactures and markets a wide range of biscuits such as cookies, creams, crackers, digestive biscuits, and an array of premium breads under the 'English oven' brand.
Mrs Bectors Food is also a supplier of buns to quick-service restaurant (QSR) chains such as McDonald's, KFC, Burger King and Carl's Jr among others.
Mrs Bectors Food IPO closes today. At the end of Day 2, the offer was subscribed 11.4 times with retail segment subscribed over 16 times.
(With Agency Inputs)