One MobiKwik Systems saw its shares drop by 7% to ₹251.70 on Monday as the three-month lock-in period came to an end, allowing pre-IPO investors to sell their holdings. The stock hit an intraday low of ₹231.10, below its IPO price of ₹269.
Around 46 lakh shares, equivalent to 6% of the digital payments company’s outstanding equity, became eligible for trading today. The stock has now fallen by 61% from its post-listing peak of nearly ₹700.
The trading session was marked by heavy volume, with 76.21 lakh shares changing hands, amounting to ₹187.79 crore. The company’s total market capitalization currently stands at ₹1,955.36 crore, with a free float market cap of ₹361.62 crore.
MobiKwik, which went public in the last quarter, has been facing significant selling pressure since its listing. The fintech company operates in the competitive digital payments sector, offering wallet services, bill payments, and financial products.
The expiration of lock-in periods typically exerts downward pressure on newly listed stocks as early investors seize the opportunity to exit their positions.
