India, Nov. 20 -- There was a growing belief that the IPO (Initial Public Offering) market was becoming more like a casino, rather than a trading event. This was proved during the trading in Groww's parent company, Billionbrains Garage. The stock, which climbed 90 per cent within days of listing, hit the 10 per cent lower circuit yesterday. It implies that the price fell by this margin, and trading was halted. According to the experts, this was not a routine fall, or a logical correction after days of trading heat and dust. This was speculation, and greed at their extremes. The listing price on the National Stock Exchange, at Rs 112, was unremarkable, with a gain of 12 per cent. But then it gained exceptionally. And attracted the bears.
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