Sterling and Wilson Solar shares tumble over 10 pc in debut trade

Shares of Sterling and Wilson Solar made a disappointing debut on the bourses on Tuesday, falling more than 10 percent over its issue price of Rs 780. The scrip opened the day at Rs 700, with a discount of 10.25 percent over its issue price on the BSE.

At the NSE, shares got listed at Rs 706, down 9.48 percent from the issue price. The Rs 3,125 crore initial public offer of Shapoorji Pallonji group firm Sterling and Wilson Solar Ltd was subscribed to 92 percent.

The price range for the offer was fixed at Rs 775-780 per share. The firm had said that the portion of the net proceeds would be utilized towards funding full repayment of loans.

ICICI Securities, Axis Capital, Credit Suisse Securities India, Deutsche Equities India, IIFL Securities, SBI Capital Markets, IndusInd Bank and Yes Securities India had managed the offer.