Ujjivan Fin falls 10% on talks some anchor investors may have exited

Shares of Ujjivan Financial Services tanked 10.4% to Rs 343 on Monday on BSE amid market talk that some anchor investors may have sold the stock after their one-month lock-in period ended. Ahead of its IPO in April, the company had raised Rs 265 crore from anchor investors at the higher end of its price band of Rs 207-210 a share.

The anchor investors included Birla Sun Life, ICICI Prudential MF, Reliance MF, UTI MF and HDFC Standard Life Insurance. The minimum holding period for these investors was 30 days.

The stock, which got listed on May 10, has risen sharply due to a strong outlook for the microfinance industry and robust earnings in the last financial year. The stock hit a high of Rs 399.50 intraday on Friday, implying a rise of 90.2% over issue price.