Shares of Meesho Limited have been on a downward trend for the third consecutive day, with significant selling pressure affecting the newly listed stock. The shares experienced an 8.75% decline during the day, adding to the losses observed over the past two trading sessions.
On the previous day, the stock closed at a 10% lower circuit following a 5% drop on Friday. Meesho’s shares have now fallen by nearly 24% from their peak price of Rs 254 post-listing.
Despite the decline, there was notable trading activity in Meesho’s stock, with trading volume reaching levels similar to those of the previous day by noon. Approximately 7 crore shares, valued at over Rs 1,300 crore, were exchanged, indicating continued investor interest despite the price decrease.
Market analysts suggest that the recent decrease in Meesho’s stock value could be attributed to investors booking profits after the significant surge post-listing. Within a little over a week, Meesho’s shares had more than doubled from their IPO price of Rs 111, prompting some investors to capitalize on their gains.
The decline in share price has also impacted Meesho’s market capitalization, which had surpassed Rs 1 lakh crore during the post-listing surge but has now dropped to around Rs 84,000 crore. Despite the recent correction, Meesho’s shares were trading down by 8.75% at Rs 184.04 as of the latest trading session on Tuesday, still maintaining a substantial 68% increase from the issue price.
