Shares of brokerage house Angel One hit a fresh 52-week low on the bourses during intraday trade on Thursday despite gaining market share in the month of January.
The stock opened at Rs 1,078.05 on the BSE and witnessed a downward trend to touch a new 52-week low at Rs 1,043.65.
A similar movement was seen on the National Stock Exchange (NSE), wherein the stock hit its lowest level in 52 weeks at Rs 1,042.5.
The stock price has now halved from its 52-week high of Rs 2,022 touched on April 28, 2022. In the last three months, the stock has tumbled over 25 percent, and over 18 percent in the past year.
Last week, Angel One’s Chief Executive Officer Narayan Gangadhar resigned from his post citing personal reasons. Gangadhar will continue in his post till May 16 this year.
The day-to-day affairs of the company will be run by Dinesh Thakkar as Chairman and Managing Director (CMD).
Earlier this month, the brokerage house announced that it acquired 3.9 lakh new customers in January, which was 20 percent higher than the 3.3 lakh customers it reached in December 2022.
The gross client acquisition has seen a good surge in January and is now back at September 2022 levels, according to the brokerage firm. The company's total client base also increased by 3 percent to 1.29 crore in January from 1.25 crore in December.
Angel One also witnessed an increase in market share across all segments such as equity, futures and options, and cash. However, it lost market share in the commodity segment.
