Ircon International makes weak market debut and ended 13 percent lower against issue price
- Country:
- India
Shares of engineering and construction company Ircon International made a weak debut at the bourses Friday and ended 13 percent lower against the issue price of Rs 475.
The stock settled at Rs 416.65, a sharp fall of 12.28 percent against the issue price on BSE. The stock listed at Rs 410.30, plunging 13.62 percent from the issue price in morning trade.
On NSE, shares of the company closed 13 percent lower at Rs 412.95.
In terms of equity volume, 7.56 lakh shares of the company were traded on BSE and over 56 lakh shares changed hands on NSE.
The company's market valuation stood at Rs 3,918.66 crore.
The company's Rs 470-crore issue ran between September 17 and 19 and was subscribed nearly 10 times.
The price band for the offer was set at Rs 470-475 per share.
Ircon International is a state-owned engineering and construction company, specializing in major infrastructure projects, commercial and residential properties, development of industrial areas and other infrastructure activities.
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