The stock's poor performance may be primarily attributable to the subdued market conditions and muted response to the IPO from investors other than QIBs.
When Avalon Technologies first went public, investors were let down, and on April 18, the stock lost nearly 9% of its value. The stock's poor performance may be primarily attributable to the subdued market conditions and muted response to the IPO from investors other than QIBs.
The stock opened at Rs 431 on the BSE and didn't see its issue cost of Rs 436 in the whole exchange meeting. At the beginning of the day, it reached an intraday high of Rs 435.30, but selling pressure continued throughout the day, resulting in a low of Rs 387.75 for the day.
It ended up at Rs 397.45, down 8.84 percent, with 3.17 lakh shares traded.
On the Public Stock Trade, the end cost was Rs 396, down 9 percent and the exchanging volume was 47.58 lakh shares.
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