Digidrive Distributors Shares Hit Lower Circuit As Markets Open

Shares of Digidrive Distributors crashed 5% on the NSE to hit a lower circuit on Thursday morning.

What Happened: The company’s shares have had a lacklustre start at the bourses. After listing at ₹102 on the NSE, the stock slumped sharply to ₹98.40. The slump continued today as the stock crashed 5% to hit the lower circuit. The company has a market cap of around ₹350 crore.

See Also: Why Bank Of India Share Price Is Rallying After Q3 Business Update

The company created by the demerger of the e-commerce business of Saregama India is expected to experience in the initial days of listing. The scrip is currently placed in the Trade-for-Trade segment. Trade to Trade (T2T) is a stock market segment with mandatory share delivery for all transactions.

The RP-Sanjiv Goenka Group company was incorporated on 15 March 2022 to create a specialised master distributor for retailing goods on all digital marketplaces. Amongst all the products that the company aims to sell through the online marketplace, Carvaan, supplied by Saregama India Limited, is one of the key products in its bouquet. The Company intends to sell a suite of products using the online channel, in the B2B segment.

Price Action: Digidrive share price was locked in a 5% lower circuit at ₹93.50 on Thursday.

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