Angel Broking shares tumble over 10 pc in debut trade

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 company's market valuation was at Rs 2,256.42 crore on the BSE. In terms of volume, 8.94 lakh shares were traded on the BSE and over 85 lakh on the NSE.

Shares of Angel Broking Ltd made a weak debut on the bourses on Monday, declining over 10 percent from the issue price of Rs 306 apiece. The stock tumbled 10.13 percent to Rs 275 on the BSE in its opening trade. During the day, it tanked 16.14 percent to Rs 256.60. Finally, it closed at Rs 275.85, lower by 9.85 percent.

On the NSE, it closed at Rs 274.25, down 10.37 percent after plunging 10.13 percent to Rs 275 in debut trade. The company's market valuation was at Rs 2,256.42 crore on the BSE.

In terms of volume, 8.94 lakh shares were traded on the BSE and over 85 lakh on the NSE. The initial public offer of Angel Broking was subscribed nearly four times last month. The 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 of the offer.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)