Route Mobile up 7% as Goldman Sachs, Kuwait Investment Authority pick stake

Shares of Route Mobile rallied 7 per cent to quote at Rs 694 on the National Stock Exchange (NSE) on Tuesday after foreign portfolio investors (FPIs) such as Goldman Sachs and Kuwait Investment Authority acquired shares worth of Rs 210 crore of the company on its debut on Monday.

The stock bounced back 9 per cent from a low of Rs 636 hit in the intra-day trade today. It was, however, trading 5 per cent lower from a high of Rs 735 touched on its listing day.

On Monday, Goldman Sachs India Fund Limited, Goldman Sachs Trust Emerging Markets Equity Fund and GS FDS Sicav GS Global Emg Mkts EQ Portfolio bought a combined 2.41 million equity shares worth of Rs 170 crore. These investors purchased shares at price of Rs 705.95 per share on the NSE on bulk deal, data show.