Tata Tech, Fedbank: Recently listed stocks hit lowest levels since debut

Shares of Tata Technologies fell 3 per cent, dropping 25 per cent from their 52-week high level of Rs 1,400, touched on listing day i.e. November 30, 2023

Shares of the recently listed companies Tata Technologies, Capital Small Finance Bank (SFB), Fedbank Financial Services, and Entero Healthcare Solutions hit their respective record lows on the bourses today, after nearly 1 per cent decline in the benchmark indices. These stocks were down in the range of 2 per cent to 4 per cent on the BSE as against the S&P BSE Sensex's 0.6 per cent dip to 72,629 level at 11:43 AM.

Among individual stocks, Tata Technologies was down 3 per cent to Rs 1,048.65. With this, the stock of the Tata Group and a global product engineering and digital services company has fallen 25 per cent from its 52-week high level of Rs 1,400, touched on listing day i.e. November 30, 2023. Despite the correction, however, Tata Technologies is trading 110 per cent higher over its issue price of Rs 500 per share.

The company's management remains positive on customer spending in the Automotive vertical as original equipment manufacturers (OEMs) continue to pivot towards electrification and other alternative propulsion systems. The Aerospace industry is also looking upbeat with a good pickup in demand.

Shares of Fedbank Financial Services, meanwhile, were down nearly 2 per cent to Rs 120.80. The stock is down 21 per cent from its high of Rs 153.50 touched on December 15, 2023. The non-banking financial company made its stock market debut on November 30, and is, currently, trading 14 per cent below its issue price of Rs 140 per share.

Shares of Capital SFB (Rs 401.75), and Entero Healthcare Solutions (Rs 1,077.30), too, slipped 4 per cent each. Both are down 14 per cent from their respective 52-week highs touched post listing. Capital SFB (issue price Rs 468) made its stock market debut on February 14 while Entero Healthcare (issue price Rs 1,258) got listed on February 16. Currently, these stocks are down 14 per cent from their respective issue prices.