Deepak Builders Faces Market Winds with a 2% Listing Discount

Deepak Builders and Engineers India Ltd debuted in the stock market with a 2% discount below its issue price. The stock opened at Rs 198.50 on the BSE, falling further to Rs 170.90. Despite the reduced listing price, the company's IPO was oversubscribed 41.54 times.

Deepak Builders and Engineers India Ltd, an engineering and construction firm, commenced trading with a discount of over 2% from its issue price of Rs 203 on the BSE.

Listing at Rs 198.50, the stock experienced a significant dip, plummeting by 15.81% to Rs 170.90 in subsequent trading. On the NSE, it debuted at Rs 200, marking a 1.47% drop.

The company's market valuation touched Rs 824.71 crore. Despite the sliding prices, the initial public offering (IPO) of Deepak Builders received a strong response, oversubscribed 41.54 times by the close of the share sale.

(With inputs from agencies.)