Sollfege Smart Electronics SME shares hit the 5 percent lower circuit on Thursday amid profit booking at higher levels, shortly after the company made a strong market debut with an almost 90 percent premium.
Shares of the company were quoted at Rs 99.18 per share on the BSE, down 5 percent, its lowest permissible trading limit for the session.
Earlier in the day, the shares made a strong market debut, listing at Rs 104.40, a premium of 89.81 percent over the issue price.
Kolkata-based Sollfege Smart Electronics, which provides audio, video, home automation and smart living solutions, had raised Rs 21.78 crore through an initial share sale of 39.6 lakh shares at a fixed price of Rs 55 apiece.
The company will use the net issue proceeds to expand its retail network by launching 12 new showrooms, meet working capital requirements and fund general corporate purposes.