Shares of Angel Broking Ltd made a weak debut on the bourses on Monday, declining over 10 per cent from the issue price of Rs 306 apiece.
The stock tumbled 10.13 per cent to Rs 275 on the BSE. It later tanked 16.14 per cent to Rs 256.60.
At the NSE, it plunged 10.13 per cent to Rs 275 in debut trade.
The company’s market valuation was at Rs 2,390.98 crore on the BSE.
Meanwhile, the BSE Sensex was trading 530.18 points or 1.37 per cent higher at 39,227.23 and the NSE Nifty rose 147 points or 1.29 per cent to 11,563.95 in morning trade.
The initial public offer of Angel Broking was subscribed nearly 4 times last month.
Price range for the company’s Rs 600-crore offer was fixed at Rs 305-306 apiece.
Edelweiss Capital, ICICI Securities and SBI Capital Markets were the managers to the offer.
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