Shares of One MobiKwik Systems Ltd recovered sharply on Thursday, June 26, climbing nearly 8% from intraday lows after a large block deal triggered heavy selling pressure in the morning session. The stock was last seen trading at ₹247.95 on the NSE, up almost 1% from the previous close of ₹245.55.
Earlier in the day, MobiKwik shares had slipped over 6% after nearly 8.98% equity, worth approximately ₹168 crore, changed hands in a block deal. This came a day after CNBC-TV18 reported that Net1 Applied Technologies Netherlands BV, a subsidiary of South Africa-based Net1 UEPS Technologies, was planning to offload its entire 8% stake in the company via block deals.
Net1 had originally invested ₹268 crore in MobiKwik back in 2016 as part of a strategic partnership, integrating its virtual card technology into the Indian digital payments platform.
Since its December 2024 stock market debut at a 58% premium to its IPO price of ₹279, MobiKwik shares had rallied to a high of ₹698 but have corrected more than 60% from those levels. The mandatory six-month lock-in period for pre-IPO shareholders ended on June 18, which further triggered selling pressure.
The stock’s year range now stands between ₹227.25 and ₹698.30, with the company’s market capitalization at ₹19,330 crore.
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