Hero Motors Shares Hit 10% Lower Circuit After IPO Debut As Investors Book Profits
Shares of Hero Motors declined 10% on Monday, hitting the lower circuit on the BSE as investors booked profits following the company’s recent stock market debut. The company’s shares hit ₹127.67 mark on the BSE, marking a fall of 10%, which was the maximum permitted decline for the session. However, despite the correction, the stock continued to trade 55.7% above its listing price of ₹82 per…
Hero Motors' shares experienced a significant decline of 10% on Monday, hitting the lower circuit on the BSE. Investors took advantage of the recent rally and booked profits following the company's debut on the stock market. The shares opened at ₹82 on the National Stock Exchange (NSE), representing a 2.38% discount to the IPO price of ₹84.
On the BSE, the initial trading price was ₹82.10, a 2.26% discount to the issue price. Despite the 10% drop, the stock continued to trade 55.7% above its listing price of ₹82. At around 1 PM, the shares were trading 5.5% lower to partially reverse the earlier decline. Hero Motors plans to utilize the funds raised from the IPO for business expansion, repayment of borrowings, equipment purchases, and inorganic growth opportunities.
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