Billionbrains Garage Ventures Share Price Hit 10% Lower Circuit as Post-Listing Rally Cools

Bengaluru, November 19: Billionbrains Garage Ventures (Groww) share price is witnessing negative investor demand today after investors rushed to book profits after its successful listing on November 12. As of 2:20 PM, the Groww share price was down by 10%, or 18.88 points, and was trading at ₹169.89. Until now, the shares have traded within a range of ₹187.99 and ₹169.89. The traded volume for the Groww shares stood at 13.53 crore shares, with the company’s market cap at ₹1,16,539 crore. The shares have their high at ₹193.80 and low at ₹112. As of today, the stock has witnessed a total sell quantity of 1,02,78,802 shares.

Billionbrains Garage Ventures Limited (NSE: GROWW, BSE: 544603) is the parent company of the popular fintech platform Groww. It is one of India’s largest direct-to-customer digital investment platforms by active users, offering a wide range of financial products and services. The company was established in 2018, and is headquartered in Bengaluru, Karnataka.

Shares Witnessing Heavy Selloff

Groww IPO listed on NSE and BSE on November 12 with a premium of 14% over its issue price of ₹114. However, in just five sessions, the stock surged around 94% to reach its peak of ₹193.80. Since then, the share price has been witnessing a selloff, as investors have started to book profits. Analysts have also raised concern about the company’s high P/E of around 61x, which is higher than its listed peers such as Motilal Oswal (29x), and Angel One (26x). It remains to be seen if the shares will continue to fall or will rise in the coming days, providing some relief to the investors.

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