Glottis Ltd Hits Market Skids with Shocking 35% Drop
Glottis Ltd, a leading logistics provider, witnessed its shares plummet over 35% on debut trading day, tumbling from an Rs 129 issue price to end at Rs 83.85. Despite its IPO being oversubscribed 2.05 times, the market valuation stood at Rs 774.80 crore, marking a challenging market entry.
- Country:
- India
On Tuesday, Glottis Ltd, a prominent logistics service provider, experienced a significant stock market setback as its shares plunged over 35% on their debut trading day. The shares, initially priced at Rs 129, opened at a mere Rs 88 on the BSE, indicating a sharp 31.78% drop.
Throughout the session, the shares continued to falter, eventually closing at Rs 83.85, a striking 35% decrease from the initial public offer price. The NSE reflected a similar trend, with shares debuting at Rs 84 and closing at Rs 83.70. The company's market valuation now stands at Rs 774.80 crore.
Despite the rocky start, Glottis's IPO was met with enthusiastic subscription, garnering 2.05 times its offering. Proceeds are earmarked for strategic investments, including vehicle purchases, debt reduction, and general corporate purposes. Operating pan-India, Glottis specializes in integrated logistics across diverse sectors, including energy and engineering.
(With inputs from agencies.)
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