Ola Electric, NTPC Green, One Mobikwik, 23 other IPOs hit new lows today

Of the 26 recently-listed IPOs, as many as 21 stocks were trading below their respective issue price on the BSE in Thursday's intra-day trade.

Ola Electric Mobility, NTPC Green Energy, One Mobikwik Systems, Unimech Aerospace and Manufacturing and Ventive Hospitality were among a total of 26 recently listed initial public offering (IPOs) to hit respective new lows today on account of a continued down trend in equities.

 

Of these 26 IPOs, as many as 21 stocks were trading below their respective issue price on the BSE in Thursday’s intra-day trade. The list includes, Sanathan Textiles, Quality Power Electrical Equipments, Concord Enviro Systems, DAM Capital Advisors, Godavari Biorefineries, JNK India, Stallion India Fluorochemicals and Unicommerce Esolutions. These stocks have tanked up to 62 per cent from their issue price, data shows.  Also Read: Bajaj Finance hits new high, zooms 20% in 1 month; overtakes HUL in m-cap

 

Thus far in the calendar year 2025, the BSE IPO index has slipped 20 per cent, as compared to 4.9 per cent decline in the BSE Sensex. At 02:29 pm; BSE IPO index was down 2.2 per cent, as against 0.09 per cent rise in the benchmark index.

 

Enviro Infra Engineers, Stallion India Fluorochemicals, JNK India, Hyundai Motor India, TBO TEK, Laxmi Dental, Quadrant Future Tek, Unicommerce Esolutions and NTPC Green Energy from the IPO index were down between 5 per cent and 11 per cent on the BSE in intra-day trade today.

 

Pratik Gupta of Kotak Institutional Equities Media (KIE) remains cautious on the outlook for small/ mid-caps in general due to expensive valuations in many cases. The key downside risks for the overall market are: a sharper-than-expected global slowdown, or a bad monsoon that can adversely impact farm incomes, food inflation and construction activity, or a sharp slowdown in domestic retail inflows into equities, especially into small/mid-cap funds. Key upside risks can emanate from a weaker US dollar that may drive flows into emerging market (EM) funds, and a quicker-than-expected private capex upcycle, Pratik Gupta said.

 

In the financial year 2024-2025 (FY25), so far, foreign institutional investors (FIIs) sold stocks in the cash market for Rs 3.88 trillion. Interestingly, the domestic institutional investors (DIIs) have more than compensated for this selling through buying for Rs 5.56 trillion. Despite this, the market has been trending down.  Also Read: Shares of NBFCs, MFIs rally up to 15% as RBI reduces risk weight on loans

 

Sharp correction in the broader market has made the valuations in certain segments attractive. Defence stocks, which had run up too much too fast, have corrected sharply making their valuations attractive for long-term investors, said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

 

Since a broad rally in the market will need indications of recovery in growth and earnings, investors can focus on micros rather than macros in the near-term. Plenty of stock-specific action ahead, despite headwinds from FII selling and Trump tariffs news, said Dr. V K Vijayakumar.

 

Among individual stocks, NTPC Green Energy hit a new low of Rs 93.40, down 5 per cent in intra-day trade today. In past three trading days, the stock of state-owned power generation company has slipped 12 per cent, as the shareholder lock-in period ended. Currently, it is trading 14 per cent below its issue price of Rs 108 per share.

 

As NTPC Green Energy share's lock-in-period expired on February 24, 2025, a total of 183 million shares, accounting for 2 per cent of the company's outstanding equity, became eligible for trade. However, it is not necessary that all the eligible shares will be offloaded by investors in the open market; the lock-in expiry only allows such shares to be traded.

 

Shares of Ola Electric hit a new low of Rs 57.06, falling 4 per cent on the BSE in intra-day trade. Currently, it was trading 25 per cent below its issue price of Rs 76 per share. It has corrected 64 per cent from its 52-week high of Rs 157.53 touched on August 20, 2024.