Shares of Billionbrains Garage Ventures Ltd, the parent company of Groww, hit a 10% lower circuit on Wednesday — the first drop since its market debut on November 12. Earlier in the day, exchanges reduced the circuit limit from 20% to 10%.
Groww had listed at a 12% premium to its IPO price of ₹100, opening at ₹112 and beginning trade at ₹114 on the BSE. Until Tuesday, the stock had rallied nearly 94% to a record ₹193.80 on November 18, pushing its market value to ₹1.17 lakh crore — higher than BSE Ltd and several Nifty firms like Tata Consumer Products and Apollo Hospitals. On Wednesday, the stock slipped to ₹169.89 on the NSE, bringing its market cap down to ₹1.04 lakh crore.
Analysts said the decline was mainly due to profit booking after the sharp post-listing surge. SBI Securities’ Sunny Agrawal noted that at a ₹1 trillion valuation, Groww trades at 45–50x earnings — double its peers — making the risk-reward unattractive.
Groww will announce its first quarterly results on November 21, while a key event awaits on December 10 when 149.2 million locked-in shares become tradable. A large volume entering the auction window indicated short sellers were caught off guard by the stock’s relentless rally.
