Premier Energies shares tumble 8% in early deals, here's why 

Shares of Premier Energies Ltd tumbled 8% in early deals  as the firm's six-month shareholding lock-in period ended today. Premier Energies shares slipped 8% to Rs 850 on Friday against the previous close of Rs 923 on BSE. Around 0.56 lakh shares changed hands amounting to a turnover of Rs 4.92 crore on BSE. Market capitalisation (m-cap) of the firm fell to Rs 40,369 crore.

Brokerage Nuvama said 10.6 crore shares (23% of equity) became tradable as the six-month lock-in ended today. 

All these shares are not eligible to be traded in the open market as some of them might be owned by promoters too. 

Premier Energies stock made its market debut in September 2024. Shares of Premier Energies made a stellar debut on September 3. The stock listed at Rs 991 on BSE, a premium of 120.22 per cent over its issue price of Rs 450 per share. On NSE, the stock listed at a premium of 120 per cent over the issue price at Rs 990 on NSE.

The initial public offering (IPO) of Premier Energies was open from August 27 to August 29 in 2024. The company raised about Rs 2,830.40 cr via the share sale, which included a fresh share sale of Rs 1,291.40 crore and an offer for sale of 3.42 crore shares.

Premier Energies manufactures integrated solar cells and solar panels. Its product portfolio includes cell, solar modules, bifacial modules, EPC solutions and O&M solutions. It has five manufacturing units, all of which are situated in Hyderabad, Telangana.