Jobaaj Stories
Rainbow Children's Medicare Limited's (RCML) shares witnessed a slowdown as its stock slid down after listing on the bourses.
RCML is a chain of multi-specialty pediatric, obstetrics, and gynecology hospitals in India. The company offers a wide range of services such as newborn and pediatric intensive care, pediatric multi-specialty services, multidisciplinary fetal care, perinatal genetics, fertility care, etc.
Vodafone Q4 results posted, read more.
The company started in 1999 with its first hospital in Hyderabad and currently operates 14 hospitals and 3 clinics in six different cities.
The IPO of RCML opened on 27th April 2022 as the price range for the issue was Rs 516-542. Each share had a face value of Rs 10 and the issue size was close to Rs 1,580 crores. The company was raising funds to redeem its NCDs before maturity, for capital expenditure including setting up new hospitals and other general corporate purposes.
The stock made its debut yesterday on 10th April as it was listed at a discount of 6% at Rs 510 per share. In the first trading hour, the scrip dropped to Rs 500 as it continued trading along in that range for the first half. As soon as the second half began, the stock fell by Rs 500.
In a single day, the stock touched a high of Rs 517.90 and a low of Rs 421.65 per share. The stock witnessed selling pressure as it fell an additional 12% during the trading session yesterday and closed at Rs 450.20 per share, resulting in a 17% loss to investors in a single day.
Today, the stock opened marginally higher at Rs 453.10 per share and has seen some interest from bulls as it reached a high of Rs 488.90 today. Currently, the stock is up 3.4% and trades around Rs 460 per share.
Article by Aman Agarwal.
This news piece is brought to you in association with jobaaj.com
