Meesho shares came under significant selling pressure on Monday, December 22, extending losses to the second day in a row, as investors booked profits following a stellar run in the new-age e-commerce player following its listing in the Indian stock market earlier this month.
Meesho shares had hit a record high of ₹254.65 on Friday, but soon witnessed a selling spree. In Monday’s trade, Meesho share price plunged 10% to hit the lower price band of ₹202.05 on the BSE, taking the two-day losses to over 14%.
Meesho IPO, priced at ₹111, had made a blockbuster debut on Dalal Street on December 10 this month, listing at a 46% premium over the offer price. The stock had extended gains to end 53% higher over the offer price.
Amid today’s fall, Meesho has lost its multibagger stock status achieved last week. However, despite this, Meesho shares remain 82% above their IPO price, leaving strong gains for investors on the table.
