Shares of Indigo Paints dropped nearly two percent to hit a fresh 52-week low of Rs 998 on the BSE in intraday trade on Monday. The stock had hit its previous 52-week low of Rs 1,013 on February 23. The company’s shares are now down by over 32 percent from its IPO subscription price.
Indigo Paints shares have not risen to trade above their IPO price since November 2022. Since the start of the year, the company has lost over 23 percent of its value, while over the past year-long period the company’s shares have lost more than 42 percent of their value. In the last month alone, the company has lost over 17 percent of its value.
In February 2021, Indigo Paints shares made their debut in the stock market at a 75 percent premium of Rs 2,607.50 per unit as against its issue price of Rs 1,490 per piece.
The stock price has been in decline since early November 2022, when the company’s shares dipped by over 10 percent in intraday trade after 21 lakh shares or 4.4 percent of the total equity exchanged hands on the National Stock Exchange. Venture capital firm Sequoia sold 3.3 percent equity in Indigo Paints worth Rs 235 crore, paring its stake down from the company.
The company’s recent earnings report for the December quarter did not help to buoy sentiments either. The company’s quarterly slump was due to the short festive season leading to lower sales in October, something that had affected the entire paints segment.
Shares of Indigo Paints are trading 1.60 percent lower at Rs 1,000.65.
