Ircon International shares fall by 14 percent on Friday

Shares of engineering and construction company Ircon International made a weak debut at the bourses Friday, falling nearly 14 percent against the issue price of Rs 475.

The stock listed at Rs 410.30, a fall of 13.62 percent from the issue price on BSE.

At NSE, shares of the company debuted at Rs 412, plunging 13.26 percent.

The company's market valuation stood at Rs 4,219.62 crore.

In terms of equity volume, 5.31 lakh shares of the company were traded on BSE and over 42 lakh shares changed hands at NSE during the morning trade.

The Rs 470-crore issue ran between September 17 and 19 and was subscribed nearly 10 times.

The price band for the offer was set at Rs 470-475 per share.

Ircon International is a state-owned engineering and construction company, specializing in major infrastructure projects, commercial and residential properties, development of industrial areas and other infrastructure activities.