India's One MobiKwik soars; concerns over supply overhang wane after large deal, analyst says

One Mobikwik Systems

26/06/2025 08:58

Updates

** India's One MobiKwik Systems ONEM.NS soars 15% to two-week high of 282.3 rupees, set for biggest daily pct gains in more than 3 months

** Stock soars as concerns over supply overhang wane after large deal, analyst

** More than 6.8 million shares, representing 8.8% stake, changed hands in a large deal on NSE at 231.1 rupees, a discount of 6.4% to previous close

** There was an overhang that a large supply of shares could come in after the expiry of lock-in period, says Ambareesh Baliga, an independent market analyst

** "Now that the event is behind, we are seeing a bounce back" - Baliga

     ** Net1 Applied Technologies Netherlands BV likely seller, per news reports

** Lock-in on 38 million shares, representing 49% of ONEM's outstanding shares expired on June 18, as per Nuvama

** YTD, ONEM still down ~52%

(Reporting by Vivek Kumar M)

((VivekKumar.M@thomsonreuters.com;))