Shares of Bajaj Housing Finance plummeted by as much as 10% during trading hours on Thursday following its blockbuster debut earlier this week.

What Happened: On Monday, the stock listed on the BSE and NSE at ₹150, representing a premium of 114% over its issue price of ₹70.

The newly listed shares hit a high of  ₹188.45 on Wednesday, bringing its market capitalisation to over ₹1 lakh crore as the company received its first “buy” call from PhillipCapital, just days after its initial public offering.

PhillipCapital highlighted Bajaj Housing Finance’s strong positioning in the home loan sector, particularly in the ₹50 lakh ticket size range, which accounts for 65% of home loan originations in India.

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However, on Thursday, the firm’s shares were hovering near its listing price as the stock extended declines for the second straight session, after it closed 4.3% lower the previous day. With this, Bajaj Housing Finance’s shares have dropped over 13% in the past two trading sessions, giving up its earlier gains.

The company saw a stellar launch on Dalal Street this week. The ₹6,560 crore IPO of Bajaj Housing Finance saw an overwhelming response, being subscribed 67 times. It became the first Indian IPO to fetch bids worth over ₹3 lakh crore.

Price Action: Shares of Bajaj Housing Finance were down by 9.25% to ₹157.60 on Thursday.

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