@CA Dhiraj Ramchandani sir, absolutely 100% agree with you !
There is no stock that can be deemed completely risk free all the time. This is just the first day of listing, in such a market turmoil, seeing a little red in graphs is nothing unexpected. Reminds me of Global Health. I know it's not a fair comparison, but the doubts and panic around these listings are quite similar.
Even Equitas has seen days much worse that this, and for a considerable long time. See where it is now within 3 years. A little market correction combined with global slowdown is no doubt going to hit all business. But the way our overall economy and new industries are growing today, no one can say how much finance sector can jump in how little time.
It all boils down to - trust your research and instincts, fundamentals of the business you are investing in. And above all, have the patience and strength to survive the little rough patches in the shiny road ahead.