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The stock market witnessed a significant decline in the share price of Indegene, a newly listed company on BSE and NSE, despite an initial surge at the time of its debut. The stock price, which opened at ₹659.70 per share on BSE and ₹655 apiece on NSE, fell sharply due to profit-booking, reaching an intraday low of ₹527.10 on NSE and ₹527.80 on BSE. This represented a drop of nearly 19% from the listing price.
However, the stock price rebounded somewhat, recovering some of its losses. Indegene's share price is currently quoted at ₹600 apiece on NSE, which is still approximately 9% lower than the listing price.
Analysts attribute the initial surge in the stock price to strong subscription demand and a healthy listing gain, as it was priced at ₹452 per share. Indegene's virtual monopoly in its services for the life sciences industry and its expertise in pharmaceutical marketing, clinical trials, pharmacovigilance, medical and regulatory affairs, and health informatics, have contributed to its success.
Experts from Mehta Equities recommend that post-listing, conservative investors should book profits, while those with a higher risk tolerance can hold for long-term gains.
Indegene's operational performance is expected to improve, driven by a strategic go-to-market approach and its strong financial track record. Investors who have received allotment are advised to hold shares for medium to long-term gains.
Amit Goel, Co-Founder & Chief Global Strategist at Pace 360, highlights Indegene Limited's unique position in the market. He emphasizes the company's dominance in digital-led commercialization services within the Life Science Industry, with over 98% of its global revenue. Given the favorable outlook, investors may consider allocating funds for medium to long-term rewards.
It's important to note that the views and recommendations provided in this analysis are those of individual analysts or broking companies and not Mint.
Investors are strongly advised to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
Source: Indegene share price tanks 12% after bumper debut. Buy, sell of hold?