Two of the three companies,including Ramky Infrastructure,which made a debut on the bourses today tanked up to 14 per cent on lack of investors’ interest amid a weak broader market.
Shares of the Hyderabad-based infrastructure company Ramky Infrastructure tumbled 13.92 per cent to close at Rs 387.35,against its issue price of Rs 450 per share. During the day the scrip nosedived over 23 per cent on BSE.
On the National Stock Exchange,the company lost 13.78 per cent to close at Rs 388. It had opened at a premium of nearly 5 per cent over the issue price.
Another debutante,Shriram EPC Group promoted firm Orient Green Power Company fell by 4.26 per cent to close below its issue price at Rs 45.
“Poor performance by the new comers on the street was primarily in line with the weak broader market,” Unicon Financial Services CEO Gajendra Nagpal said.
Electrosteel Steels was the only new entrant which closed with gains on bourses. The scrip finished 2.27 per cent higher at Rs 11.25,while on the NSE it ended at Rs 11.40,up 3.64 per cent. It had opened at Rs 12.35 against its issue price of Rs 11.
The BSE 30-share barometer Sensex also settled weak at 20,250.26,down 65.06 points from previous close.
All the three newly listed entities have collectively raised about Rs 1,498 crore from the capital market.
Orient Green Power Company raised Rs 900 crore via its IPO,while Ramky Infrastructure and Electrosteel Steels mopped up Rs 350 crore and Rs 248 crore,respectively.