Shares of basmati rice exporter Amir Chand Jagdish Kumar (Exports) Ltd came under heavy selling pressure on Thursday, hitting the lower circuit after listing at a discount to the issue price.
The stock debuted at ₹195 on the , down 8.02 per cent from the issue price of ₹212, and later slid 10.59 per cent to ₹189.55. On the , it opened at ₹200, a decline of 5.66 per cent, before dropping as much as 12 per cent to ₹186.76.
Selling intensified during the session, with the stock trading at ₹180 on the NSE and ₹175.60 on the BSE around 11 am, marking a sharp fall of about 10 per cent below the listing price and indicating strong bearish sentiment following its market debut.
The ₹440-crore initial public offering of the company had received a subscription of 3.23 times on the final day of bidding on March 27. The issue was priced in the range of ₹201 to ₹212 per share and consisted entirely of a fresh issue, with no offer-for-sale component.
The company plans to utilise the proceeds from the primarily to meet working capital requirements and for general corporate purposes. Notably, the final issue size was reduced to ₹440 crore from the ₹550 crore proposed in the draft papers filed earlier.
According to Shivani Nyati, Head of Wealth at Swastika Investmart, the stock may remain volatile with a negative bias in the near term due to post-listing selling pressure.
Technically, ₹212 is seen as a key resistance level, while the ₹185–₹190 range provides immediate support, with further downside likely if this zone is breached.
She advised investors to avoid panic selling and instead monitor price action, while fresh buying should be considered only after signs of a clear reversal or more attractive entry levels, maintaining a cautious outlook overall.