Shares of Pine Labs Ltd. declined as much as 11% on Wednesday, May 13, making it one of the top losers on the NSE after the expiry of the six-month IPO lock-in period. According to CNBC TV18, nearly 92.4 crore shares became eligible for trading after the lock-in expiry, representing approximately 80% of the company's outstanding equity. The stock was trading at ₹168.99 on the NSE at 11:27 am, down ₹19.02 or 10.12% from its previous close of ₹188.01. The intraday low touched ₹167.10 against an opening near ₹184.94, with a steady and unrelenting sell-off pattern visible through the morning session. Based on Tuesday's closing price, the unlocked shares are valued at nearly ₹17,346 crore, making this one of the larger single-day lock-in expiries seen in India's recent IPO market, as noted by Nuvama Alternative and Quantitative Research.
The digital payments platform is scheduled to announce its January-March quarter (Q4FY26) earnings on May 25. In the December quarter, the company reported a net profit of ₹42 crore, compared to a net loss of ₹58 crore in the corresponding quarter last year. Operating revenue for Q3 FY26 rose 23% year-on-year to ₹744 crore from ₹601 crore a year earlier, while expenses increased at a slower pace of 13% to ₹704 crore from ₹622 crore. As reported by CNBC TV18, the company had made its stock market debut in November last year, listing at a premium of nearly 9.5% over its IPO price at ₹242 per share on the NSE. The Q4 FY26 results on May 25 will be the first post-lock-in earnings event and are likely to be a significant stock price catalyst in either direction.
The stock is currently trading at ₹168.99, representing a 30% decline from its listing price of ₹242 and well below its 52-week high of ₹284. According to CNBC TV18, the company's ₹3,900 crore IPO was subscribed around 2.5 times. The digital payments platform had made its stock market debut in November last year, listing at a premium of nearly 9.5% over its IPO price at ₹242 per share on the NSE. The current decline represents the most significant drop since the company's listing, reflecting market reaction to the significant equity unlock and upcoming earnings announcement. The stock carries no P/E ratio given its profitability profile and pays no dividend, with average daily volume of 25.5 lakh shares.
