One Mobikwik Systems’ shares surged 20% to remain locked in the upper circuit at Rs 298 apiece as the stock saw heavy trading volumes on Tuesday, March 18. Notably, the stock crashed 15% on March 17 to hit a fresh 52-week low of Rs 231 apiece.
The stock’s trading volumes reached nearly six times its average over the past 10 days. This uptick helped the stock break its five-day losing streak and completely recover from the losses incurred in the previous trading session.
The stock was down the previous day following the expiration of its three-month lock-in period. This lock-in expiry released 50 lakh shares, accounting for 6% of the company’s outstanding equity, with a total value of about $16 million.
It is worth noting that Mobikwik’s shares had listed at Rs 440 per piece on the NSE in December last year. This marked a premium of nearly 58% against its issue price of Rs 279 per piece. Despite today’s gains, the stock is still down over 32% from its listing price. It is now around 7% higher than its issue price.
Mobikwik Shares has tumbled by more than 50% from its record high of Rs 698 apiece, which was reached in December 2024.
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