Amir Chand Jagdish Kumar Exports shares plunge 38% after listing
Business
Not the debut investors hoped for: Amir Chand Jagdish Kumar Exports Ltd., the company behind "Aeroplane Rice," saw its shares drop 38% over four trading sessions after hitting the stock market.
The stock listed at a discount to the IPO price of ₹212 on April 2, 2026, but quickly slid to ₹131.12 by Wednesday.
Trading was even paused after a sharp fall, and later sessions kept hitting lower circuit limits.
Revenue concentrated in India, West Asia
Despite all the hype (the ₹440 crore IPO was oversubscribed over three times), the stock couldn't hold up.
Most of the company's money comes from India (65%) and West Asia (22%), which is dealing with ongoing conflicts.
They've tried to protect their earnings from currency swings using financial tools like forward contracts.