Shocking Plunge: Arkade, Northern Arc, Kross, Western Carriers, and Tolins Tyres Hit Record Lows | Market News

Market Update: Recent IPO Stocks Hit New Lows Amid Market Downturn

Published: Sep 30, 2024 | 11:52 AM IST

Shares of recently listed companies—Arkade Developers, Western Carriers (India), Tolins Tyres, Northern Arc Capital, Kross, and Shree Tirupati Balajee Agro Trading Company—recorded new lows on the BSE today amid a broader stock market crash. The BSE Sensex was down 0.96 percent at 84,749 at 11:01 AM.

These stocks slid by up to 6 percent in Monday’s intraday trade. Notably, Western Carriers India, Tolins Tyres, Kross, and Shree Tirupati Balajee Agro Trading Company traded below their issue prices, marking the lowest levels since their market debut in September 2024.

Specifically, Kross saw a 6 percent drop to Rs 207.50, significantly below its issue price of Rs 240 per share. Kross, known for manufacturing high-performance parts for commercial vehicles, had initially seen positive market reception with a subscription rate of 16.81 times.

Arkade Developers’ shares fell 5 percent to Rs 148.20, although still 16 percent above its issue price of Rs 128 per share. The company, which specializes in luxurious residential and commercial properties primarily in Mumbai, had an IPO subscription rate of 106.83 times.

Western Carriers (India) also declined by 4 percent to Rs 153.60, 11 percent lower than its issue price of Rs 172 per share. The logistics solution provider had peaked at Rs 177 on its listing day.

The new lows for these stocks underscore broader market volatility and investor caution amid current economic conditions.

Original Story https://www.business-standard.com/markets/news/arkade-northern-arc-kross-western-carriers-tolins-tyres-hit-new-lows-124093000299_1.html
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