Shares of Advit Jewels plunged as much as 5% to an intraday low of Rs 177.65 shortly after making a stellar stock market debut, having listed at Rs 188.90, a 37% premium to its issue price, on Wednesday. The listing was in line with unlisted market expectations. The grey market premium (GMP) on the stock hovered around Rs 50 ahead of the listing, implying a premium of nearly 36% over the upper issue price.
Advit Jewels' IPO received an overwhelming response across investor categories, with the issue being subscribed 212.63 times against the 83.97 lakh shares on offer. Demand was particularly strong among institutional and high-net-worth investors.
