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Business News/ Markets / Stock Markets/  Bharti Hexacom share price slumps nearly 4% on resignation of two directors post IPO completion
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Bharti Hexacom share price slumps nearly 4% on resignation of two directors post IPO completion

Bharti Hexacom share price fell nearly 4% as two directors resigned post IPO completion. Opening at ₹785.05 on BSE, the stock hit intraday low at ₹783 and high at ₹791.

Bharti Hexacom share price opened at ₹785.05 apiece on BSE; the stock touched an intraday low at ₹783 and an intraday high at ₹791. Premium
Bharti Hexacom share price opened at 785.05 apiece on BSE; the stock touched an intraday low at 783 and an intraday high at 791.

Bharti Hexacom share price slumped nearly 4% on Monday's session after Sanjeev Kumar and Surajit Mandol resigned from the company's board of directors on Friday, April 12.

The departures follow right after the termination of the Shareholders Agreement, which was brought about by the successful completion of Bharti Hexacom IPO. Now that the IPO has ended, the two directors are no longer on the board of the firm, said the company in an exchange filing.

Bharti Hexacom share price opened at 785.05 apiece on BSE; the stock touched an intraday low at 783 and an intraday high at 791. 

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On Friday, April 12, Bharti Hexacom share price made a bumper debut on the bourses. Bharti Hexacom share price debuted on the NSE at 755, which is 32.5% more than the 570 issue price.  Bharti Hexacom shares opened on the BSE today at 755.20, up 32.49% from the issue price. At the end of the session, the listing gain was 42.7%.

The opening share price of Bharti Hexacom was predicted by market analysts to be between 650 and 660.

The remarkable listing of Bharti Hexacom, according to Shivani Nyati, Head of Wealth at Swastika Investmart Ltd, exceeded pre-listing expectations, which were moderated by doubts over the company's financial performance and valuation.

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The listing surpassed expectations, but the risks that were previously recognised are still significant, according to Nyati. While new investors should monitor the company's performance and market conditions before making a fresh entrance, current investors may choose to keep onto their shares.

Investors responded well to Bharti Airtel's subsidiary firm, Bharti Hexacom, during the three-day subscription period. On the last day, QIBs (qualified institutional buyers) took center stage with a 48.57-time subscription to the issue. Non-institutional investors (NIIs) responded substantially (10.52 times subscription), although retail investors showed good demand (2.83 times subscription). The overall Bharti Hexacom IPO subscription status on day three was 29.88 times, per BSE data.

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The company's Red Herring Prospectus stated that there is no fresh issue component to the Bharti Hexacom IPO and that it is solely an offer-for-sale (OFS). The company's only selling stakeholder, Telecommunications Consultants India, intended to sell off 7.5 crore equity shares, or 15% of the OFS.

Bharti Hexacom is a communications solutions firm that serves the telecom circles in North-East India, which includes Rajasthan and the states of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, and Tripura. It offers broadband services in addition to fixed-line phone service. The business goes by the name Airtel to market its services.

Also Read: Bharti Hexacom share price makes a bumper debut, stock opens with 32.5% premium at 755 on NSE

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 15 Apr 2024, 09:32 AM IST
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