The shares finished Monday at $28.02, losing 27%, or $10.13. Volume of 2.8 million was nearly six times the issue's trailing three-month daily average of around 500,000, and the heaviest trading the stock has seen since its August 12 debut.
A recent run-up in the stock amid a rally in the online travel companies after
(PCLN - Get Report) topped Wall Street's earnings expectations for an eighth straight quarter last week may have contributed to the depth of MakeMyTrip's plunge on Monday.
The stock was trading at around $32 before Priceline.com's report on Nov. 8, and it rose in three of the next four sessions leading into the release of its own numbers, getting as high as $39.60 on Friday. Names like Expedia (EXPE - Get Report), Orbitz Worldwide (OWW - Get Report) and Ctrip International (CTRP - Get Report) enjoyed similar run-ups, and all three were down about 3% on Monday.
Written by Michael Baron in New York.
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