Share closes at less than half the issue price
Omkar Speciality Chemicals Limited listed on the BSE and NSE at Rs 95 and Rs 92 respectively. The high was Rs 101 on both the exchanges. The low recorded was Rs 42.50 on the BSE and Rs 42.05 on the NSE. The closing was Rs 46.20 on the BSE and Rs 46.45 on the NSE. The loss for the day was Rs 51.80 or 52.86% and Rs 51.55 or 52.6% on the NSE. The markets were weak and the weakness alone could not warrant such erosion in price on listing day. At the end of the day the debut of Omkar Speciality Chemicals Limited was a complete disaster and the company would have to produce performance par excellence to instil confidence into the scrip in future.
| Exchange | Open | High | Low | Close | Net Change | % gain | Wt Avg | Volume | Delivery | Del % age |
| BSE | 95.00 | 101.00 | 42.50 | 46.20 | -51.80 | -52.86 | 57.90 | 22466160 | 1815001 | 8.08 |
| NSE | 92.00 | 101.00 | 42.05 | 46.45 | -51.55 | -52.60 | 57.84 | 25168181 | 2397655 | 9.53 |
| Total | 47634341 | 4212656 | 8.84 |
The price was steady barely for the first fifteen minutes or so. The price then fell sharply to around the 60 levels made some sort of recovery and traded in the 60-65 range till 2 pm. Thereafter there was another fall accompanied with huge volume and the share fell to Rs 42. The total traded volume was 476.34 lacs which was 5.8 times the IPO size of 81 lakh shares.
The weighted average price of the traded volume was Rs 57.90 on the BSE and Rs 57.84 on the NSE respectively. The huge difference between the closing price of Rs 46.20 and the weighted average of Rs 57.90 indicates the selling pressure witnessed in the last hour of trade. It appears day traders went long around the 60 levels and when they saw the share falling, they sold at a loss. Institutional activity saw FII’s selling 3,55,018 shares at the net level.
Total delivery was 42.12 lakh shares which was 8.84% of the traded volume but 52% of the IPO size. The delivery percentage is not too large to justify such a debacle in the share price. The stock has been battered out of shape and a lot needs to be done to restore confidence in the company. Investors should stay away from the share and wait for another fall before looking at the share.
