New Delhi, Mar 17 (PTI) Shares of fintech firm One Mobikwik Systems Ltd faced heavy selling pressure on Monday, tanking over 8 per cent.

The stock tumbled 8.19 per cent to settle at Rs 248.35 on the BSE. During the day, it slumped 14.58 per cent to hit the record low of Rs 231.05.

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At the NSE, it cracked 8.25 per cent to Rs 248.30. Intra-day, the stock dropped 14.61 per cent to Rs 231.10 -- the record low level.

"Mobikwik's shares faced significant selling pressure on Monday, hitting a fresh low of Rs 231.10 — a decline of over 14.50 per cent from Thursday's closing price. However, the stock witnessed some recovery in later trading hours. The sharp decline is primarily attributed to the expiration of the three-month lock-in period for anchor investors," Vishnu Kant Upadhyay, AVP – Research & Advisory, Master Capital Services, said.

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Before its IPO launch in December 2024, the company had allocated approximately 9.22 million shares (45 per cent of the total offering) to 21 anchor investors. With the lock-in period ending on Monday, nearly 4.6 million shares have become available for trading, contributing to heightened volatility and selling pressure, he said.

"Since reaching its all-time high of Rs 698.30 on December 26, 2024, MobiKwik's stock has plunged more than 65 per cent, and it is currently trading below its IPO issue price of Rs 279 per share. The expiration of anchor investor lock-in periods often results in increased supply in the market, leading to sharp corrections as early investors seek to book profits or rebalance their portfolios," he added.

Shares of One Mobikwik Systems Ltd had made the equity market debut on December 18, 2024.

"The anchor lock-in expiry triggered selling pressure," Abhishek Jaiswal, Fund Manager at Finavenue, said.

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