Bharti Hexacom share price has plunged as much as 4 percent today after quite a successful initial public offering (IPO) and listing. However, just after that, it was revealed that two of its senior executives have quit. As a result, Bharti Hexacom share price has dropped in a big way.
Notably, Bharti Hexacom stock had made its debut on markets in a strong way on April 12 at a premium of 32.49 per cent and listed at ₹755.20. The IPO price was ₹570. Notably, the grey market premium of the company, during the subscription period and ahead of listing had remained strong, making for a debut that would have pleased investors.
Not just that, on Friday, Bharti Hexacom share price surged some 43% to close at Rs. 813.30. The telecom service provider’s shares had even risen 54% to Rs. 880 during intra-day trading.
However, bad news started filtering in immediately thereafter. It was revealed that both Sanjeev Kumar and Surajit Mandol had resigned from the company’s board of directors on Friday, April 12 itself. That the two directors are no longer on the board of Bharti Hexacom was reported in an exchange filing.
So far, Bharti Hexacom share price today had opened at Rs. 785.05and, dropped during intraday trading to a low of Rs. 783. At its highest, it has hit ₹791-mark.
What to look out for now
Now, investors need to look at some of the old concerns that were voiced about the company including of high valuation and financial performance. Shivani Nyati, Head of Wealth at Swastika Investmart Ltd was quoted by LiveMint as saying that the risks that were previously recognised are still significant.
She also said that new or prospective investors should monitor the company’s performance. However, investors who are already exposed to the stock can keep holding them.
