Mobikwik, IKS, Ola, Hexaware from IPO index tank up to 15%, record new lows

Thus far in the calendar year 2025, BSE IPO index has underperformed the market by falling 22 per cent, as compared to 5.4 per cent decline in the BSE Sensex.

Shares of One Mobikwik Systems (Mobikwik), Inventurus Knowledge Solutions (IKS), Ola Electric Mobility (Ola), Hexaware Technologies and Awfis Space Solutions tanked up to 15 per cent on the BSE in Monday’s intra-day trade amid heavy volumes in an otherwise firm market.

 

Besides IKS, Mobikwik, Ola, Hexaware Technologies, a total of 9 stocks from the BSE IPO index hit their respective new lows in intra-day trade today. The list includes Ceigall India, Emcure Pharmaceuticals, Gopal Snacks, Quality Power Electrical Equipments (QPower), Saraswati Saree Depot and Western Carriers (India).

 

At 10:01 AM; the BSE IPO index was down 0.6 per cent at 12,921.79, as compared to 0.63 per cent rise in the BSE Sensex. The IPO index has corrected 25 per cent from its 52-week high of 17,281 touched on September 29, 2024. Thus far in the calendar year 2025, the BSE IPO index has underperformed the market by falling 22 per cent. In comparison, the BSE Sensex was down 5.4 per cent during the same period.

 

 

Among individual stocks, One Mobikwik Systems, the parent company of payments solutions provider MobiKwik, hit a new low of Rs 231.05, as the shares tanked 15 per cent on the BSE. The stock price of this Fintech Company fell below its previous low of Rs 261.2 touched on March 11, 2025. The company made its stock market debut on December 18, 2024. Currently, it trades below its issue price of Rs 279 per share.

 

IKS will see as many as 4.2 million shares or 2 per cent of the outstanding equity become eligible to trade as its three-month lock-in period ends.  MobiKwik will also see its three-month lock-in period end on Monday. As many as 4.6 million shares or 6 per cent of the company's outstanding will become eligible to be traded today, according to reports.  It is important to note that the expiry of the lock-in period does not necessarily imply that all these shares will be sold in the open market; it only allows them to be traded.  Shares of IKS hit an all-time low of Rs 1,440, plunging 13 per cent on the BSE in intra-day trade. The stock price of information technology (IT) enabled services company dropped below its previous low of Rs 1,476.75 touched on January 28, 2025. The company made its stock market debut on December 19, 2024. It issued shares at a price of Rs 1,329 per share.

 

Shares of Ola Electric hit a new low of Rs 47.40, falling 6 per cent on the BSE in Monday’s intra-day trade on back of heavy volumes. A combined 26.06 million equity shares of two-three wheelers company have changed hands on the NSE and BSE. With today’s decline, the market price of Ola has plunged 70 per cent from its 52-week high level of Rs 157.53 hit on August 20, 2024. It was trading 38 per cent below its issue price of Rs 76 per share.

 

A unit of Ola is facing insolvency petitions from two of its key vehicle registration service providers in India over unpaid dues, adding to the electric vehicle (EV) maker’s mounting troubles.

 

Rosmerta Digital Services Pvt. and Rosmerta Safety Systems - suppliers of vehicle registration services and high-security registration plates respectively - have separately filed insolvency pleas against closely held Ola Electric Technologies Pvt., citing unpaid invoices.

 

In an exchange filing, Ola said that a petition has been filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by M/s. Rosmerta Digital Services Limited, an operational creditor of Ola Electric Technologies Private Limited, a wholly owned subsidiary of the company. 

 

The petition has been submitted before the National Company Law Tribunal – Bengaluru Bench (NCLT, Bengaluru), alleging default in payment towards the services rendered by the Operational Creditor and seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the Ola.

 

Ola said the company has sought appropriate legal advice and it strongly disputes the claims made. The company will take all necessary and appropriate steps to protect its interests and object to the allegations in the aforesaid matter.