Apollo Micro surges 16% after hitting lowest level since listing

The stock moved higher by 16% to Rs 326, bouncing back 18% from its early morning low on the BSE on back of heavy volumes.

Apollo Micro Systems has risen by 16% to Rs 326, bouncing back 18% from its early morning low on the BSE on back of heavy volumes. The stock hit an intra-day low of Rs 276, its lowest level since listing on January 22, 2018.

The trading volumes on the counter jumped an over four-fold with a combined 560,900 equity shares changed hands on the BSE and NSE till 01:35 pm.

Apollo Micro Systems had made a stellar debut on the bourses, listed at Rs 478, a 74% premium against its issue price of Rs 275 per share on BSE. It locked lower circuit of 5% at Rs 454 on debut day.

Despite today’s rally, in past one month, the stock underperformed the market by falling 29% against 5.6% decline in the S&P BSE Sensex.

Apollo Micro Systems' Rs 156-crore initial public offer saw huge oversubscription of 248 times. The company is a Hyderabad based company engaged in the business of electronic, electro-mechanical, engineering designs, manufacturing and supply. The Company designs, develops and sell high performance, mission and time critical solutions to Defense, Space and Home Land Security for Ministry of Defense, government controlled public sector undertakings and private sectors.