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Hero Motors shares jump over 7% after bulk deal and IPO rebound
The stock was about 78% above its ₹84 IPO price and hit an intraday high of ₹149.35 on the BSE.
Hero Motors shares rose more than 7% on Wednesday, September 30, extending gains in the newly listed stock. Trading around 78% above its IPO price of ₹84, the company’s market capitalization reached ₹6,675.61 crore so far in the session, according to LiveMint Markets.
On the BSE, the shares opened at ₹140.30 and touched an intraday high of ₹149.35, with a low of ₹140.10. LiveMint Markets also cited that the rally drew attention after a bulk deal on September 28, where Irage Broking Services LLP bought 34,01,332 shares at ₹135.70 and sold 12,12,381 shares at ₹134.93.
Hero Motors had a muted debut on September 23, opening at ₹82.10 on the BSE, or a 2.26% discount to its issue price, before recovering to end 17.27% higher at ₹98.51. On the NSE, it opened at ₹82, down 2.38% from the issue price, then closed at ₹98.40, up 17.14%, according to the report.