NEW DELHI: Shares of newly listed Bajaj Housing Finance Ltd declined over 4.50 per cent on Wednesday after a two-day sharp rally. The stock fell 4.29 per cent to settle at Rs 173.69 on the BSE. During the day, it dropped 5.68 per cent to Rs 171.16.
On the NSE, shares of the firm ended lower by 4.57 per cent to close at Rs 173.19.
Its market valuation also eroded by Rs 6,487.63 crore to Rs 1,44,651.58 crore.
Shares of Bajaj Housing Finance Ltd made a solid market debut on Monday and ended with a huge premium of nearly 136 per cent against the issue price of Rs 70.
The stock was listed at Rs 150 on the BSE and the NSE, reflecting a jump of 114.28 per cent from the issue price.
Shares of the newly listed firm had on Tuesday surged 10 per cent to hit the upper circuit limit, extending the listing day gains. The stock had upper circuit limit on Monday also.
The Rs 6,560-crore initial public offering (IPO) of Bajaj Housing Finance Ltd received 63.60 times subscription on September 11, the last day of bidding, amid overwhelming participation from institutional buyers.
The initial share sale had a price band for the offer at Rs 66-70 per share.
The IPO had a fresh issue of equity shares of up to Rs 3,560 crore and an offer-for-sale (OFS) of equity shares worth Rs 3,000 crore by parent Bajaj Finance.
It is a non-deposit-taking housing finance company registered with the National Housing Bank in September 2015.
The firm offers financial solutions for purchasing and renovating residential and commercial properties.
It has been identified and categorised as an “upper layer” NBFC by the Reserve Bank of India, and its comprehensive mortgage products include home loans, loans against property, lease rental discounting, and developer financing.
Source Homevior.in
