Nazara hits lower limit after surging 84% on debut, stock ends 45% up

Market players said the spate of recent weak listings forced high networth individuals (HNIs) to take gains at the table

Shares of online gaming company Nazara Technologies surged 84 per cent over their issue price on trading debut on Tuesday. However, the shares failed to hold on to the gains as wealthy investors rushed to book profits, and heavy selling saw the stock hit its 20 per cent lower limit over the discovered price of Rs 1,990.

The discovered price is arrived at after an hour-long pre-open session to curb volatility. A stock is allowed to gain or fall a maximum of 20 per cent over the discovered price.

The stock ended the day at Rs 1,576.8, with a gain of 43.21