Amir Chand Jagdish Kumar (Exports) Ltd shares continued their downward trajectory on Thursday, April 9, hitting the 5% lower circuit for the fifth consecutive session since listing on April 2. According to reports from LiveMint, the stock has now plunged around 43% from its IPO price and nearly 40% from its listing levels on the bourses. The stock had opened at ₹195 on the BSE, down 8.02% from the issue price, and further declined 17.22% to close at ₹175.50, hitting its lower circuit. On the NSE, the stock opened at ₹200, reflecting a 5.66% discount, and later slipped 15.09% to settle at ₹180, also at its lower circuit limit.
The ₹440 crore IPO was oversubscribed by 3.23 times on its final day, March 27, with the company setting a price band of ₹201-212 per share. As reported by LiveMint, the company's 'Aeroplane' brand of basmati rice is recognized in the market, and it intends to use the net proceeds from the offering to support working capital needs and general corporate purposes. The total offer size was revised down from the originally proposed ₹550 crore in the Draft Red Herring Prospectus submitted in June 2025.
According to the Red Herring Prospectus submitted to the Securities and Exchange Board of India, Amir Chand Jagdish Kumar (Exports) Ltd generated approximately 22% of its revenue during the first nine months of FY25 from the West Asia region, which is currently experiencing geopolitical tensions involving the US, Israel, and Iran, even amid a temporary ceasefire. As reported by LiveMint, the company has identified currency volatility as a significant risk, pointing out that major fluctuations in the Indian Rupee against the US Dollar or other foreign currencies could negatively affect its operations, financial results, and cash flow. To address these risks, it utilizes hedging strategies such as forward exchange contracts, cross-currency swaps, and interest rate swaps.
Shivani Nyati, Head of Wealth at Swastika Investmart, noted that technically, the IPO price of ₹212 now acts as a key resistance level, and only a strong move above this can indicate a trend reversal. According to LiveMint, the ₹185–₹190 zone is acting as immediate support, and any breakdown below this could lead to further downside. Dr. Ravi Singh from Master Capital Services Ltd indicated that the company holds potential for long-term investors backed by solid fundamentals and sector tailwinds, recommending investors monitor Q4FY26 results to evaluate margin sustainability amid competitive pricing pressures.
