Route Mobile hits new high as FPIs increase stake; zooms 100% since listing

Shares of Route Mobile hit a new high of Rs 1,304 apiece, up 5 per cent, on the BSE on Wednessay supported by heavy volume. The stock was quoting at its highest level since its listing at the bourses and has doubled from level of Rs 651 hit on September 21, 2020.

In the past six trading days, Route Mobile has outperformed the market by surging 16 per cent after the shareholding pattern revealed that foreign portfolio investors (FPIs) have increased their stake in the company by 540 basis points (bps) during October-December quarter (Q3FY1). FPIs held 15.74 per cent stake in Route Mobile as on December 31, 2020, as against 10.34 per cent at the end of September 2020 quarter, according to the data filed by the company. They held 4.32 per cent stake in Route Mobile on listing date.