Carraro India Faces Tough Market Debut with Nearly 10% Drop

Carraro India faced a challenging market debut as its shares fell by nearly 10%, closing at Rs 636 on both BSE and NSE. The IPO, priced between Rs 668-704, was an Offer-for-Sale of Rs 1,250 crore. The company specializes in axles and transmission systems for OEMs.

In a challenging market debut, shares of Carraro India Ltd ended nearly 10% lower from its issue price of Rs 704, concluding at Rs 636.30 on BSE and Rs 636.20 on NSE. The company's IPO received a lukewarm response, being subscribed only 1.12 times.

The stock opened at Rs 660 on BSE, a 6.25% discount, and at Rs 651 on NSE, declining over 9% throughout the day. Carraro's IPO was a complete Offer-for-Sale of Rs 1,250 crore, with no fresh issues, by Carraro International SE.

Established in 1997, Carraro India is a key player manufacturing axles and transmission systems for agriculture and construction sectors, catering to major OEMs. Operating from Pune, it leverages advanced technologies to maintain its market position.