Orient Cables: IPO listed at 65% premium, but share price crashed the very next day – What’s behind the lower circuit?

Just a day after listing at a solid premium of 65%, Orient Cables share price crashed as much as 10% in morning deals on Tuesday, 6 October, largely due to profit booking. Shares of Orient Cables (India) opened at ₹380 against their previous close of ₹403.30 and dropped 10% to a fresh all-time low and their lower circuit level of ₹363. However, even at this price, the stock is up 33% from its issue price of ₹272.

On Monday, 5 October, the stock listed at a 65% premium at ₹448 on the BSE.