Avenue Supermarts hits new high; up over 200% against IPO price

The hit a new high of Rs 996, up 4%, extending its Tuesday's 3% gain on the NSE

Avenue Supermarts, which operates supermarket chain D-Mart stores, hit a new high of Rs 996, up 4% in intra-day trade, extending Tuesday’s 3% gain on the National Stock Exchange (NSE). The stock is trading at its highest level since listing on March 21, 2017.

Avenue Supermarts (D-Mart) which is promoted by veteran ace investor Radhakishan Damani rose 233% against its initial public offer (IPO) price of Rs 299 per share. The stock had ended at Rs 642 on first day of its listing, and has rallied 55% since then. On comparison, the benchmark Nifty50 index gained 6% during the