Recently listed Molbio Diagnostics found itself on the wrong side of a sharp reversal on Wednesday, September 16, as investors rushed to book profits following a blistering run that had seen the healthcare stock deliver strong returns in a short span.
The stock declined for the second consecutive session, falling as much as 8.8% to hit an intraday low of ₹1,229.65 per share on the BSE. The latest decline came even as the broader Indian stock market maintained a positive trend.
Molbio Diagnostics had gained 13% in the last 1 week, defying the broader market sentiment. However, the latest sell-off has erased a significant portion of those recent gains, with the stock now down 18.5% over the last two sessions.
Molbio Diagnostics stock still up over 50% from IPO price
Despite the sharp correction, Molbio Diagnostics shares continue to trade substantially above their initial public offering price. The stock, which made its market debut on August 17 this year, is currently up more than 50% from its issue price of ₹807.
The shares listed at ₹980, representing a 21.44% premium over the IPO price of ₹807.
The recent correction follows an exceptionally strong run after listing. In the last 1 month, Molbio Diagnostics shares have gained 75%, underscoring the scale of the rally that preceded the latest bout of profit booking.
The stock touched its 52-week high of ₹1,686.50 on September 11, just last week. At the other end of the range, its 52-week low stands at ₹925.80, recorded on August 17, which was also its listing date.
