Burger King India shares hit 10% lower circuit yet again, off over 26% from all-time high

Burger King India share price fell another 10 per cent today to hit lower circuit at Rs 161.45 apiece on BSE. In the afternoon deals earlier yesterday, Burger King India shares hit 10 per cent lower circuit at Rs 179.35, after rising in the morning trade to hit the upper circuit. The company’s market capitalisation has fallen to Rs 6,161.81 crore today morning from Rs 6,844.98 crore yesterday. Since its stock market debut, Burger King India shares were on a gaining spree and touched an all-time high of Rs 219.15 apiece. With today’s fall, the stock is off over 26 per cent from its all-time high levels.

When Burger King shares were scaling fresh highs, some analysts warned investors and advised them to keep booking the profit. Burger King India shares witnessed the fourth-best listing on stock markets so far in 2020. The top three listings were by Chemcon Speciality Chemicals, Happiest Minds Technologies Route Mobile with up to 114 per cent listing premium.

The Rs 810-crore initial public offer (IPO) of Burger King India was subscribed 156.65 times by the investors across categories. The issue received bids for 1,166 crore equity shares against the offer size of 7.44 crore shares, During the three-day bidding process, most of the brokerages and the analysts had given a ‘subscribe’ rating to the issue for the listing gains as the IPO was priced lower as compared to its peers such Jubilant FoodWorks and Westlife Development.

Meanwhile, the recently concluded Mrs Bectors Food Specialities’ Rs 540-crore IPO became the most subscribed issue of 2020. It was subscribed a whopping 197.36 times with all categories of investors oversubscribing their portion. It is followed by Rs 444-crore Mazagon Dock Shipbuilders IPO, which received second-highest subscription of 157.41 times. While Burger King India was the third most subscribed issue, with 156.65 application, and Happiest Minds Technologies the fourth most subscribed IPO so far this fiscal with 150.98 times subscription.