Indian equity benchmark indices today were seen trading with a negative bias amid weakness in metal and financial shares.
At 11:00 AM, the BSE Sensex was down 450 points or 0.5% at 84,760. The benchmark hit an intra-day low of 84,717. Meanwhile, the Nifty 50 quoted with a loss of 127 points or 0.5% at 25,900 levels.
Meanwhile, shares of e-commerce major Meesho Ltd surged over 13% on Tuesday, December 16, scaling a new post-listing high of ₹193.44 per share. With this move, the stock has rallied over 73% in just five trading sessions from its issue price, significantly outperforming its IPO price.
Meesho made its stock market debut on December 10, listing at a premium to its issue price of ₹111 and closing its first day 53% higher. After witnessing a brief two-day decline, the stock rebounded with a 3% gain on Monday, followed by a sharp rally in Tuesday’s session.
Trading activity remained exceptionally strong, with over 11 crore shares changing hands within the first half of trade. Turnover stood at around ₹2,175.51 crore, accounting for nearly 40% of Meesho’s free-float market capitalisation of ₹5,391 crore, highlighting intense investor participation.
Following the sharp surge, Meesho’s overall market capitalisation has crossed ₹86,000 crore. Market participants note that the limited free float in the stock could be amplifying price movements, making gains and potential corrections appear more pronounced.
Meesho’s ₹5,000+ crore IPO, which was open for three days, received robust demand across categories. The issue was subscribed 79 times overall, with the retail portion subscribed over 19 times. Demand from Qualified Institutional Buyers (QIBs) was particularly strong, with subscriptions reaching 120 times the shares on offer.
As of Tuesday’s trade, at 11:58 am, Meesho share price was up 8.34% at ₹185, after touching an intraday high of ₹193.44.
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