Prudent Corporate Advisory shares pare early gains; settle nearly 11 pc lower in debut trade

Shares of Prudent Corporate Advisory Services on Friday pared all early gains and ended nearly 11 per cent lower in its debut trade against the issue price of Rs 630.The stock listed at Rs 660, reflecting a jump of 4.76 per cent in early trade on the BSE.

Shares of Prudent Corporate Advisory Services on Friday pared all early gains and ended nearly 11 per cent lower in its debut trade against the issue price of Rs 630.

The stock listed at Rs 660, reflecting a jump of 4.76 per cent in early trade on the BSE. During the day, it tumbled 14.10 per cent to Rs 541.15. It settled at Rs 562.70 apiece, down 10.68 per cent.

On the NSE, the stock made its debut at Rs 650, a gain of 3.17 per cent. It ended at Rs 566.30 apiece, lower by 10.11 per cent.

In volume terms, 2.73 lakh shares were traded on the BSE and 32 lakh shares on the NSE during the day.

The Initial Public Offer (IPO) of Prudent Corporate Advisory Services was subscribed 1.22 times earlier this month.

The Rs 538.61-crore IPO had a price range of Rs 595-630 per share.

Prudent Corporate Advisory Services is one of the leading independent retail wealth management services groups (excluding banks) in India and is among the top mutual fund distributors in terms of average assets under management and commission received.

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