Amir Chand shares locked in lower circuits for 5 straight days since listing; Stock plunges 43% from IPO price(Bloomberg)AI Quick ReadShares of Amir Chand Jagdish Kumar (Exports) Ltd remained under heavy selling pressure, hitting the 5% lower circuit on Thursday, April 9—marking the fifth consecutive session of decline since its listing on April 2. The stock has now plunged around 43% from its IPO price and nearly 40% from its listing levels on the bourses.
On debut, the stock had a weak start. It listed at ₹195 on the BSE, down 8.02% from the issue price, and further declined 17.22% to close at ₹175.50, hitting its lower circuit. On the NSE, the stock opened at ₹200, reflecting a 5.66% discount, and later slipped 15.09% to settle at Rs180, also at its lower circuit limit.
According to the Red Herring Prospectus (RHP) submitted to the Securities and Exchange Board of India, Amir Chand Jagdish Kumar (Exports) Ltd generated approximately 22% of its revenue during the first nine months of FY25 from the West Asia region, which is currently experiencing geopolitical tensions involving the US, Israel, and Iran, even amid a temporary ceasefire.
The company has identified currency volatility as a significant risk, pointing out that major fluctuations in the Indian Rupee against the US Dollar or other foreign currencies could negatively affect its operations, financial results, and cash flow. To address these risks, it utilizes hedging strategies such as forward exchange contracts, cross-currency swaps, and interest rate swaps.
Meanwhile, the domestic market remains its primary revenue driver, contributing nearly 65% to its topline during the same period, providing some cushion against external uncertainties.
Amir Chand Jagdish Kumar IPO valued at ₹440 crore was oversubscribed by 3.23 times on its final day, March 27. The company set a price band of ₹201-212 per share.
Amir Chand Jagdish Kumar IPO, from a Haryana-based firm, consists of a fresh issue of equity shares and does not include an Offer For Sale (OFS) segment.
The company, recognized for its "Aeroplane" brand of basmati rice, intends to use the net proceeds from this offering to support its working capital needs and for general corporate purposes.
The total offer size has been revised down to ₹440 crore, from the originally proposed ₹550 crore in the Draft Red Herring Prospectus (DRHP) submitted in June 2025.
Shivani Nyati, Head of Wealth at Swastika Investmart, said that technically, the IPO price of ₹212 now acts as a key resistance level, and only a strong move above this can indicate a trend reversal. On the downside, the ₹185– ₹190 zone is acting as immediate support, and any breakdown below this could lead to further downside.
According to Nyati, investors who received allotment should avoid panic selling and instead watch price action for a few sessions, while fresh investors should wait for either a clear reversal or better entry levels. Overall, the outlook remains cautious in the near term, with a recommended stop loss at ₹180 for conservative investors and around ₹185 on a closing basis for aggressive traders.
Further, Dr. Ravi Singh – Chief Research Officer (Research) – Master Capital Services Ltd, said that the company holds potential for long-term investors backed by solid fundamentals and sector tailwinds. Investors should monitor Q4FY26 results in the near future to evaluate margin sustainability amid competitive pricing pressures. Since the company just got listed, it is expected that liquidity would gradually increase, making it more suitable for long-term, growth-oriented portfolios looking to get exposure to India's rice market.
Harshal Dasani, Business Head, INVasset PMS, added that within a week of listing, the stock has corrected over 40%, reflecting a sharp reassessment of valuations by the secondary market. In the current environment—where IPO gains have moderated and investors are increasingly valuation-conscious—such outcomes are becoming more frequent, especially in deals where pricing leaves limited upside on listing.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
Dhanya Nagasundaram works as a Content Producer at LiveMint, specializing in news related to financial markets, stocks, and business. With over eight years of experience in journalism and content creation, she has honed her skills in data-driven reporting and market analysis. Her focus is on monitoring stock trends, initial public offerings (IPOs), corporate news, policy shifts, and larger economic trends that affect investors and market players.
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