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regular-article-logo Friday, 01 March 2024

Tata Tech stock falls more than 7 per cent as investors book profits after bumper IPO

The scrip tanked Rs 94.05, or 7.16 per cent, to close at Rs 1,220.20 on the BSE. At the NSE, the share was off by 7.39 per cent, or Rs 97, to finish at Rs 1,216

Our Special Correspondent Mumbai Published 02.12.23, 11:32 AM
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Representational image File picture

Shares of Tata Technologies on Friday crashed more than 7 per cent as investors chose to book profits after a bumper listing on Thursday.

The scrip tanked Rs 94.05, or 7.16 per cent, to close at Rs 1,220.20 on the BSE. At the NSE, the share was off by 7.39 per cent, or Rs 97, to finish at Rs 1,216. Close to 1,86,81,419 shares were traded on the NSE, while 22.91 lakh shares were transacted on the BSE. The lower close led to the company having a market cap of Rs 49,499.67 crore.

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Market circles said that investors who were looking for short-term gains could have booked profits in the counter. They pointed out that given the company’s strong prospects ahead, those with a long-term perspective can have it in their portfolio.

Meanwhile, shares of Flair Writing Industries made a strong debut and ended the day with a premium of nearly 49 per cent against the issue price of Rs 304.

The stock listed at Rs 503, registering a premium of 65.45 per cent to the issue price on the BSE.

During the day, it zoomed 69 per cent to Rs 514. Shares of the company later ended at Rs 452.70, registering a gain of 48.91 per cent. On the NSE, it opened at Rs 501, up 64.80 per cent, and closed at Rs 450.90 thus showing a gain of 48.32 per cent. The company’s market valuation stood at Rs 4,771.25 crore.

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