Shares of Groww parent, Billionbrains Garage Ventures Ltd, extended their losing streak for the second consecutive session, crashing 9.4% to INR 153.94 during the intraday trading on the BSE today, amid profit booking.
At 12:23 IST, the shares were trading 7.6% lower at INR 157. The company’s market capitalisation stood at INR 96,690.9 Cr (about $11 Bn).
The decline began yesterday after the company’s shares rallied for five consecutive sessions post their listing on November 12. On Monday (November 18), the stock rallied to nearly INR 194, up 70% from the listing price of INR 114 on the BSE and nearly 94% from the issue price of INR 100.
The stock tanked 10% to hit the lower circuit at INR 169.94 yesterday.
Groww had set a price band of INR 95 to INR 100 for its public issue, which comprised a fresh issue of INR 1,060 Cr and an OFS of INR 55.72 Cr. Investors like Peak XV Partners, Y Combinator and Ribbit Capital sold shares via the OFS component, raking in handsome gains.
Founded in 2016 by Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, Groww is a full-stack financial services platform offering mutual funds, stockbroking, asset management, margin trading, and broader wealth products. The company claims to serve over 1.8 Cr active users.
It recently expanded into commodity trading and is now banking on wealth tech to fuel its next growth phase amid regulatory pressure on the discount broking space.
On the financial front, Groww posted a 12% jump in its net profit to INR 378.4 Cr in the first quarter of FY26 from INR 338 Cr in the year-ago period. However, revenue declined 10% to INR 904.4 Cr during the quarter from INR 1,000.8 Cr in Q1 FY25.
The company is scheduled to report its Q2 financial numbers tomorrow.
The post Groww Extends Loss, Slumps 9% To INR 153 Amid Profit Booking appeared first on Inc42 Media.
https://ift.tt/aCK90co
0 Comments