The stock listed at Rs 104, falling 11.86 per cent from the issue price on BSE.
At NSE, shares of the company debuted at Rs 102.50, plunging 13.13 per cent as compared to the issue price.
The company's Rs 345-crore initial public offer ran from September 24-October 1 as the issue closure date was extended.
Also, the price band for the offer was revised from Rs 115-118 per share to Rs 114-118 per share.
Garden Reach is a shipbuilding company under the administrative control of the Defence Ministry.
It has also built India's first indigenous warship -- the INS Ajay -- in 1961, as per the company's website.
(With inputs from agencies.)