Share closes Rs 30 down, loss of 22%

Cantabil Retail India Limited listed on the bourses and was a complete disaster from the very beginning. The share was unable to even register a single trade at par at either of the exchanges. The opening or listing price on the BSE was Rs 133.80 and Rs 114.70 on the NSE. The opening price on the BSE itself was the high of the day while on the NSE the high was Rs 125.90. The lows came as close to two digits as possible with the BSE registering a low of Rs 102.10 and the NSE a low of Rs 101.10.

The share traded in the Rs 113-118 range till the afternoon, and then cracked in the last hour of trade with increasing volumes. The close was at Rs 104.75 on the BSE and Rs 105 on the NSE respectively. The net loss for the listing day was Rs 30 or 22.22%. Traded volumes were at 415.37 lakhs or 5.34 times the IPO size of 77.78 lakh shares. Delivery volume was 31.25 lakh shares or a mere 7.52% of traded volume but a significant 40.18% of the IPO size indicating further selling is yet to happen.

On the institutional front, Credit Suisse sold 98,610 shares at Rs 120.76 and Deutsche sold 1,45,000 shares at Rs 117.66. There was fresh buying in the share from UTI Bank who bought 90,000 shares at Rs 115.22. The share is likely to be under pressure even today and the Rs 100 mark would be an important level to watch for. If the share breaks this level one is likely to see a sharp fall as investors who were hoping for a bounce back are likely to panic.

I would advise investors to stay away from this share at current prices and do not get tempted looking at the difference between the issue price and market price. In conclusion one more disaster for investors from the primary market.