Sejal, Bafna Pharma, Niraj Cem slip 40-50% below IPO price

Weakness in markets is not over yet as indices are touching new lows and lost nearly 40-70% from their all-time highs. Primary market has affected very badly by this situation. Three new listings namely Sejal Architectural Glass, Bafna Pharma and Niraj Cement are trading way below their issue prices.

Sejal Architectural Glass listed on July 1 with a discount of 4.5% to its issue price and closed 29.35% below to issue price of Rs 115. In these three days, the stock lost around 51% at today’s intraday low of Rs 56.15.

Bafna Pharmaceuticals had opened with a gain of 9.5% at Rs 43.80 as against issue price of Rs 40 and ended 3.75% below issue price on June 27, a first day on the bourses. The share has hit an intraday low of Rs 24, a loss of 40% from its issue price.

Niraj Cement Structurals lost about 45% at Rs 104.80 as against issue price of Rs 190.