Paramount Print down 27% on debut

Paramount shares nosedived by over 27% on the NSE on Monday vis-a-vis the issue price of Rs 35.

Shares of Paramount Printpackaging nosedived by over 27 per cent on the NSE on Monday vis-a-vis the issue price of Rs 35 per share,amid a sluggish broader market sentiment.

The stock,which opened the day on a positive note,went into a tailspin and ended the day with a sharp fall of 27.29 per cent at Rs 25.45 apiece on the NSE over the issue price.

In intra-day trade,the stock slipped by 29.14 per cent to touch a low of Rs 24.80.

In a similar fashion,the stock plummeted by 23.85 per cent to settle at Rs 26.65 apiece on the BSE.

According to market analysts,the overall bearish sentiment in the broader market has impacted the company’s stock movement as investors opted to lock-in gains.

In terms of volume,over 7 crore shares of the company were traded on the bourses during the day.

Paramount had entered the capital market with a price band of Rs 32-35 per equity share for its Rs 40-crore IPO.

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The company plans to use the IPO proceeds to set up a new facility for manufacturing high-end duplex board cartons,shippers and printed corrugated box in Gujarat as well as augment the company’s long term working capital requirements.

Paramount Printpackaging caters to over 100 clients in various sectors such as FMCG,pharma,electricals,auto ancillary,food and beverages.