Mobikwik shares plunge 15%, hits fresh 52-week low; here's why

Shares of financial technology firm One Mobikwik Systems fell as much as 15% to hit fresh 52-week low of ₹231.05 on the BSE after its three-month mandatory share lock in period ended on Monday. The stock has dropped as much as 67% from its 52-week high price of ₹698 it touched on December 26, data from the National Stock Exchange showed.

Nuvama Institutional Equities in a note said that starting Monday, 50 lakh shares equivalent to 6% of the total equity will be available for trading in the open market after the expiry of mandatory lock in period following its share sale via initial public offering (IPO).

One Mobikwik Systems raised ₹572 crore from the IPO which was a fresh issue of shares. The company sold shares in the price band of ₹265-279 per share and the IPO was booked a whopping 125.69 times between December 11-13.

The company made a stellar debut on stock markets on December 18 as it surged 82% to open at ₹530.70 on the BSE.

Mobikwik in quarter ended December 2024 announced that its revenue from operations rose 18% to ₹268 crore from ₹227 crore in the same period last year. The company reported net loss of ₹52.37 crore in third quarter of current fiscal as against net profit of ₹5.42 crore, in the year ago period.

Mobikwik in the third quarter of current fiscal entered into an agreement with one of its lending partners, whereby the Company had agreed to forego income receivable related to financial services amounting to ₹242.18 million pertaining to quarter ended 30 June 2024 which had been netted off against revenue from financial services during the quarter ended 30 September 2024, Mobikwik said in a stock exchange filing.

As of 10:56 am, Mobikwik shares traded 8.52% lower at ₹247.25, underperforming the benchmark SENSEX which was up 0.42%.