Indiabulls Securitiesfalls 67 on debut

Brokerage firm Indiabulls Securities Ltd 8212; which was listed today after a demerger from Indiabulls Financial Services IBFSL 8212; dropped 67 per cent over its opening price at Rs 300 on the Bombay Stock Exchange BSE. In its debut trade, the scrip settled at Rs 99.05 after touching an intra-day high of Rs 96.20. Over 1.49 crore shares got traded on the BSE.

According to a Reserve Bank of India release, foreign institutional investors can now invest up to 100 per cent in Indiabulls securities and non-resident Indians can invest up to 24 per cent.

At the National Stock Exchange NSE, the scrip ended at Rs 98.60, after opening at Rs 250. The scrip had touched an intra-day low of Rs 95.30. Over 2.70 crore shares changed hands on the NSE.

Indiabulls Securities listed over 25.34 crore shares on the bourses. Last year, The financial services company had decided to spin off the securities business into a separate company. Under the scheme of arrangement, the shareholders got one share of the new company for each share held in IBFSL.