State-owned defence company Bharat Dynamics share price opened sharply lower following weak market conditions and tepid response from investors to the issue.
The stock price made a debut at Rs 363.40 on the National Stock Exchange, falling 15 percent from the issue price of Rs 428.
The stock saw some recovery from early lows but was trading below the issue price.
At 10:02 hours IST, Bharat Dynamics was trading at Rs 397.20, down 7.2 percent from issue price. Its pre-opening price on the NSE was Rs 370.
The Rs 960-crore public issue was oversubscribed 1.30 times during March 13-15, 2018. Price band for the company’s IPO was fixed at Rs 413-428.
The IPO consists of offer for sale of 2,24,51,953 equity shares by the Government of India.moneycontrol