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Manipal Health shares slide 6% on account of profit booking. What should investors do?

economictimes.indiatimes.com · 5dShare

Shares of Manipal Health Enterprises, which made a strong stock market debut on Wednesday, fell nearly 6% to an intraday low of Rs 626 on Thursday, down from the previous close of Rs 666 on the BSE.The stock had listed at Rs 655, a premium of nearly 11% over its issue price of Rs 590. The debut was well above grey market expectations, where the stock had indicated a listing gain of only around 1% ahead of its market debut.Also Read |Manipal Health shares list at 11% premium to beat GMP estimates. What should allotted investors do?Shivani Nyati, Head of Wealth at Swastika Investmart, said that despite the positive listing, the stock is trading at a premium valuation with limited margin of safety. A major portion of the IPO proceeds will be used to repay acquisition debt, leaving limited funds for future expansion, while the company also remains highly dependent on Karnataka, which contributes nearly 46–60% of its revenue.She further said that, “Investors who received the allotment can c

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