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Burger King's shares turn upside-down due to profit-booking, stock down 10%

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the stock today turned upside-down after it slipped 10 percent to Rs 175 per share on the NSE, due to profit-booking.

Burger King's shares turn upside-down due to profit-booking, stock down 10%
Retail investors who did not receive the allotment in Burger King's IPO or didn't even subscribe to the newly listed company have missed one of the greatest investment opportunities this year. However, the stock today turned upside-down after it slipped 10 percent to Rs 175 per share on the NSE, due to profit-booking. The shares in the morning trade hit an upper circuit of 10 percent. Moreover, it climbed about 265 percent from the issue price including today's rally.
The company has witnessed a dream run at the exchanges with a spectacular response from the Street. The stock's listing performance has been the best one witnessed by any company since 2017. Moreover, it has quadrupled investors' money at a time where the economy is still recovering from the distress that occurred by COVID-19 this year.
"There are a frenzy and a left-out feeling in the market," said Sanjiv Bhasin, Director at IIFL Securities.
"The momentum in midcaps has picked up so much that the stretched valuations are now being ignored," added Bhasin.
The company's market capitalization doubled to Rs 8,364 crore from Rs 4,402 crore on the day of listing.
Aamar Deo Singh, Head of Advisory at Angel Broking said, "For long-term investors, this a stock that they can look at holding, however those who are short-term traders, they should look at booking profits as well."
Investors are heavily betting on the stock as more and more restaurants are opening up post-lockdown and that everyone expects a strong recovery now.
The IPO was subscribed 156.65 times earlier this month. The quick-service restaurant chain currently operates 268 stores in India and out of them, eight are franchises, mainly located at airports, while the rest is owned by the company.

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