CarTrade Tech hits all time low; slips 10% in four days

CarTrade Tech fell 2.68% to Rs 747.45, extending its losing streak to fourth consecutive trading session.

Shares of the CarTrade Tech have declined nearly 10.5% in four trading sessions from its previous closing high of Rs 835.15 posted on 19 January 2022. The counter has fallen 53.5% from its 52-week high of Rs 1,610 hit on 20 August 2021. The stock hit an all-time low of Rs 740 in intraday today.

In one month, the stock has fallen nearly 10% as compared to a 0.17% rise in Nifty 50 index.

Shares of CarTrade Tech entered bourses on 20 August 2021. The stock was listed at Rs 1,600 per share, at a 1.11% discount to the issue price of Rs 1,618. The initial public offer of CarTrade Tech received bids for 26.31 crore shares as against 1.29 crore shares on offer, according to stock exchange data. The issue was subscribed 20.29 times.

CarTrade Tech is a multi-channel auto platform with coverage and presence across vehicle types and value-added services. Its platforms operate under several brands: CarWale, CarTrade, ShriramAutomall, BikeWale, CarTrade Exchange, Adroit Auto and AutoBiz. Through these platforms (proprietary Websites/Apps), the company enable new and used automobile customers, vehicle dealerships, vehicle OEMs and other businesses to buy and sell their vehicles in a simple and efficient manner.

The company reported a consolidated net loss of Rs 37.67 crore in Q2 FY22 as compared to a net profit of Rs 7.06 crore in Q2 FY21. Net sales increased by 35% to Rs 77.57 crore in Q2 FY22 over Q2 FY21.

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