Burger King India share price extended losses, falling another 6.75 per cent to Rs 140 apiece on BSE today. The stock has tumbled over 15 per cent in two days
Burger King India share price extended losses, falling another 6.75 per cent to Rs 140 apiece on BSE in intraday deals. The stock has tumbled over 15 per cent in two days. The quick-service restaurant’s (QSR) stock hit 10 per cent lower circuit in the previous session. Burger King stock has fallen 36 per cent from its all-time high of Rs 219.15 apiece in less than a month. In the key bulk deals on NSE, Chetan Rasikal Shah bought 22.80 lakh shares at Rs 150.16 apiece and sold 12.57 lakh shares at Rs 150.15 per share of Burger King India. Analysts say that Burger King India share price is moving as per the expectations. Vishal Wagh, Head of Research, Bonanza Portfolio Ltd, told Financial Express Online that the stock is approaching the value zone near 120-135. One should watch these support levels.
Burger King India share price ended 1.40 per cent down at Rs 148.05 apiece. Wagh said that if the stock slips below these levels, one may expect it to test levels of 100. “In the case of holding around 120-140, one can expect some consolidation before cutting above 160 levels and resuming the bullish trend again,” he said. In another bulk deal on NSE, While Eastspring Investments India Consumer Equity Open Ltd sold 27.55 lakh shares at Rs 154.92 apiece of the company via a bulk deal on National Stock Exchange on Monday. This stake sale in the Burger King India came after the 30-day lock-in period from the date of allotment for anchor investors, who participated in the company’s IPO last month, got over.
Keshav Lahoti, Associate Equity Analyst, Angel Broking Ltd believes that the profit-booking may continue in the short term and stock could correct more from current levels. Lahoti also sees ample scope for the company to increase its business in India. “Long term prospects of the company are promising,” he added.
Even as the stock has corrected over 35 per cent from its record-high, Burger King is still offering 133 per cent return from its issue price of Rs 60 apiece. The Rs 810-crore IPO of Burger King India had received a strong response from investors across categories, subscribing a massive 156.65 times. The shares were listed on the bourses on December 14, 2020, at 92 per cent premium from the IPO price.