Route Mobile hit a lower circuit of 10% at Rs 828.45, extending decline for the second trading session.
The stock has lost 11.7% in two sessions while the benchmark S&P BSE Sensex has risen 1.8% in the same period.
Shares of Route Mobile were listed on 21 September 2020. The stock was listed at Rs 708, a premium of 102.29% to the initial public offer (IPO) price of Rs 350 a share. On that day, the stock closed at Rs 651.10 on BSE, a premium of 86.03% over the IPO price. After a stellar listing, the stock surged 44.16% in four days to close at Rs 938.60 on 25 September 2020.
The Route Mobile IPO was open for bidding between 9th and 11th September 2020. The price band was set at Rs 345-350 per share. The IPO was subscribed 73.30 times. It received bids for 89.23 crore shares as against 1.21 crore shares on offer.
On a consolidated basis, Route Mobile recorded sales of Rs 309.61 crore and net profit of Rs 27.09 crore in the quarter ended on 30 June 2020.
Route Mobile (RML) is a cloud communications platform service provider (CPaaS), catering to enterprises, over-the-top (OTT) players and mobile network operators (MNO). It offer a range of cloud communication services to clients across diverse sectors including but not limited to banking and financial services, aviation, retail, e-commerce, logistics, healthcare, hospitality, media and entertainment, pharmaceuticals and telecom.
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