Chemcon, CAMS rally takes a hit amid selloff1 min read . Updated: 02 Oct 2020, 08:07 AM IST
- Shares of CAMS ended at ₹1,401.60, gaining 13.95% over its issue price of ₹1,230 apiece
- Chemcon shares ended with a 72% gain over issue price of ₹340, but hit a 20% lower circuit at ₹584.8 during trade
The rally for two new stock listings fizzled out during the day on Thursday, despite a stellar debut by both Computer Age Management Services (CAMS) and Chemcon Speciality Chemicals Ltd.
The stocks saw selloffs by investors amid an overall market rally. The BSE Sensex closed at 38,697.05, gaining 629.12 points, or 1.65%, while the Nifty ended at 11,416.95 up 169.40 points or 1.51%.
Shares of CAMS ended at ₹1,401.60, gaining 13.95% over its issue price of ₹1,230 apiece. However, it ended 7.67% down from its debut price of ₹1,518, a 23.41% premium over its issue price. It hit an intraday high of ₹1,550 and low of ₹1,306.20.
Analysts had said the CAMS IPO valuation was at a discount to nearest comparables and has a scope to re-rate. CAMS was listed on the BSE on Thursday while the stock will trade on NSE from 5 October.
Chemcon shares ended the day with a 72% gain over issue price of ₹340, but hit a 20% lower circuit at ₹584.8 during trade. Shares were listed on the exchanges at ₹731, a premium of 115% over the issue price.