Groww Share Price Fall: Pending sell orders of another 1.7 crore shares at current levels

Shares of Billionbrains Garage Ventures Ltd., parent company of the trading platform Groww, are trading with losses of up to 10% on Wednesday, November 19, the first time that the stock has declined in its six-day trading history.

The price band for the shares was revised lower on Wednesday to 10% from 20% earlier.

As of Tuesday's closing, the stock had risen nearly 90% from its IPO price of ₹100 per share. At the current price, there are pending "sell" orders of another 1.7 crore shares with no pending "buy" orders.

Over 46 crore shares of Groww had changed hands in Tuesday's trading session, of which, only 8.24 crore were marked for delivery.

Moneycontrol reported on Tuesday that over 30 lakh shares of Groww were pushed into the auction window at NSE, as traders, who had shorted the stock in anticipation of the post-listing rally cooling off, could not arrange for the delivery of the shorted shares, thereby pushing them into the auction.

The next major trigger for Groww is on Friday, November 21, when the company will be disclosing its results for the quarter, which will be the first for the company after its listing last week.

Following its results, the other major trigger for Groww will come up on December 10, when its one-month shareholder lock-in will come to an end.

According to Nuvama Alternative and Quantitative Research, as many as 149.2 million shares of the company, or 2% of the outstanding equity will become eligible to be traded once the lock-in ends.

Shares of Billionbrains Garage Ventures are now trading in a 10% lower circuit at ₹169.89.