Shares of the Mumbai-headquartered Radhakishan Damani-led hypermarkets operator Avenue Supermarts (D-Mart) surged to an all-time high on Thursday which steered the company to briefly breach Rs 1 lakh crore in the market capitalisation for the first time ever.
Shares of the Mumbai-headquartered Radhakishan Damani-led hypermarkets operator Avenue Supermarts (D-Mart) surged to an all-time high on Thursday which steered the company to briefly breach Rs 1 lakh crore in the market capitalisation for the first time ever. Avenue Supermarts (D-Mart) is one of the few companies which has touched a market capitalisation of Rs 1 lakh crore within 14 months of IPO (Initial Public Offering). Shares of D-Mart have been on a joy ride since after the company got listed on stock exchanges.
Interestingly, D-Mart crossed Rs 1 lakh crore market capitalisation in the last half-an-hour of trading when a sudden and unusual spike was seen in the shares of Avenue Supermarts (D-Mart). In between 3:00 pm and 3:30 pm on Thursday, D-Mart share price rallied as high as 2.69% to a record high of Rs 1,606 on BSE while the stock advanced 2.88% to a lifetime high of Rs 1,611 on NSE. Following such a sharp surge in the share prices, Avenue Supermarts (D-Mart) clocked a market capitalisation of Rs 1,00,228 crore at the all-time high price of Rs 1,606 on Bombay Stock Exchange on Thursday.
On the basis of the closing price of Rs 1,565.5, D-Mart commands a market capitalisation of Rs 97,700.43 crore on BSE.
However, shares of D-Mart closed down after touching the record high levels on NSE and BSE, respectively. The stock of D-Mart settled 0.1% up at Rs 1,565.5 on BSE while, on the other hand, the stock concluded down 2.3% at Rs 1,530 on NSE. At the end of trading on Thursday, more than 1.52 crore equity shares exchanged hands on both NSE and BSE with nearly 1.5 crore equity shares on NSE alone.
Check the latest market cap and share price here: D-Mart
Earlier this month, shares of D-Mart saw its worst intraday fall ever after listing following massive sell-off after the promoter and founder Radhakishan Damani conveyed his intention to sell a portion of equity shares in order to adhere with the regulatory requirements of minimum public shareholding.
Earlier last year in March, Avenue Supermarts (D-Mart) successfully raised Rs 1,870 crore from its initial public offering. The IPO of D-Mart was subscribed over 100 times steering the company to mobilise more than Rs 1 lakh crore from the share sale. Following the stellar response to the IPO, D-Mart shares got a blockbuster opening on the stock market debut. D-Mart shares zoomed as high as 114.58% to Rs 641.6 on NSE from the issue price of Rs 299 per equity share during IPO.