Burger King India share saw its first fall in afternoon trade today after a record rally of 265% in four sessions. The share fell 10% on profit booking to Rs 179.35 against previous close of Rs 199.25 on BSE. Earlier, it hit record high of Rs 219.15 on BSE.
On NSE too, the share fell 9.98% to Rs 175. It logged intra day high of Rs 213.80. At 3:00 pm, the stock saw only sellers and no buyers.
Market cap of the firm fell to Rs 6,844 crore against record of Rs 8,363 crore hit in early trade.
Earlier, the stock opened with a gain of 10% and was stuck in upper circuit till afternoon session.
The stock is over overvalued, according to Abhijeet Ramachandran, Independent Analyst/ Co-Founder and Trainer at Tips2Trade.
"Despite a phenomenal listing and subsequent upper circuit filters being seen every day, we maintain that Burger King is overvalued. Investors should keep booking profits at current levels and wait to re-enter at lower levels near 110 only," he said.
Before the crash, the share had risen to Rs 219.15 against previous close of Rs 199.25, recording a gain of 10% on BSE. On NSE too, the share was stuck in upper circuit of 10% in early trade.
The share was trading at Rs 213.80 against previous close of Rs 194.40. The stock closed 20% higher at Rs 199.25 on Wednesday after remaining stuck in upper circuit throughout the session.
The share, which listed on bourses on December 14, had gained 265% on BSE against issue price before the crash today. On NSE, the share had gained 256.33% against issue price. On the listing day, the share gained 92.25% over issue price of Rs 60 on BSE. Share of Burger King India opened at Rs 115.35 against issue price of Rs 60.