 "Arkade, Northern Arc, Kross, Western Carriers, Tolins Tyres hit new lows")
Shares of recently listed companies, including Arkade Developers, Western Carriers (India), Tolins Tyres, Northern Arc Capital, Kross, and Shree Tirupati Balajee Agro Trading Company, hit their respective new lows on the BSE today. These recently stocks hit their lowest levels since their listing amid a stock market crash today.
These stocks are down by up to 6 per cent in Monday's intraday trade. The BSE Sensex was down 0.96 per cent at 84,749 at 11:01 AM.
Of these six recently listed stocks, Western Carriers India, Tolins Tyres, Kross, and Shree Tirupati Balajee Agro Trading Company were trading below their respective issue prices as well. All these companies made their market debut in September 2024.
Among individual stocks, Kross slipped 6 per cent to Rs 207.50 in the intraday trade, falling 14 per cent below its issue price of Rs 240 per share. The stock had hit a high of Rs 271 on its listing day i.e. September 16.
Founded in 1991, Kross, formerly known as Kross Manufacturers (India), is a diversified player focused on manufacturing and supplying trailer axle and suspension assembly and a wide range of forged and precision-machined high-performance safety-critical parts for medium and heavy commercial vehicles and agricultural equipment segments. The public issue of the Jamshedpur-based company received a positive response from investors, with an overall subscription of 16.81 times.
Meanwhile, shares of Arkade Developers dipped 5 per cent to Rs 148.20, its lowest level since listing on September 24. The stock of the real estate company is down 22 per cent from its listing day high level of Rs 190 per share. Currently, Arkade Developers is trading 16 per cent higher over its issue price of Rs 128 per share. The IPO had received a whopping response with the issue getting 106.83-times subscription.
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Arkade Developers is a leading real estate developer with a legacy spanning over three decades, renowned for crafting luxurious residential and commercial properties with a significant presence in Mumbai. The company operates its business in two segments which include the development/construction of residential buildings on land acquired by the company (new projects) and the redevelopment of existing buildings (redevelopment projects).
Shares of Western Carriers (India), too, were down 4 per cent to Rs 153.60 on the BSE in the intraday trade today. The stock of the logistics solution provider was trading 11 per cent lower against its issue price of Rs 172 per share. It had hit a 52-week high of Rs 177 on listing day i.e. September 24.