Shares of Moil which listed today saw an intraday high of Rs 590 and Rs 591.05 on the NSE and BSE respectively crashed below the Rs 500 mark at around 1.30 pm. The traded volume which was just about 360 lakhs after the first 75 minutes of trade has moved up to 638 lakhs at 1.30 pm. This clearly shows that volumes have reduced after the first hour.

The disturbing thing is the way the share has got hammered down. The weighted average which was Rs 550 in the morning after 75 minutes of trading is now down to Rs 533-534 and it appears HNI’s whose cost of leveraging was in the region of Rs 175-190 and effectively loss making right from the morning may have panicked. Clearly the share seems under tremendous pressure today and may slip further. It makes sense to exit the counter and wait for the price to stabilise before re-entering the counter.