Rainbow Children's Medicare shares tumble nearly 17 pc in debut trade

It settled at Rs 450.10 apiece, lower by 16.95 per cent.On the NSE, the stock closed at Rs 450 apiece, a discount of 16.97 per cent.In traded volume terms, 9.19 lakh shares were traded on the BSE and over 1.73 crore shares on the NSE during the day.The Rs 1,581-crore initial public offer of Rainbow Childrens Medicare was subscribed 12.43 times last month.The offer of the multi-speciality pediatric hospital chain had a price band of Rs 516-542 apiece.Rainbow Childrens Medicare, backed by UK-based development finance institution CDC Group plc, established its first 50-bed pediatric speciality hospital in 1999 in Hyderabad.

Shares of Rainbow Children's Medicare on Tuesday debuted with a discount and later ended nearly 17 percent lower than the issue price of Rs 542.

The stock opened at Rs 506, registering a decline of 6.64 percent from the issue price on the BSE. During the day, it tanked 22.32 percent to Rs 421. It settled at Rs 450.10 apiece, lower by 16.95 percent.

On the NSE, the stock closed at Rs 450 apiece, a discount of 16.97 percent.

In traded volume terms, 9.19 lakh shares were traded on the BSE and over 1.73 crore shares on the NSE during the day.

The Rs 1,581-crore initial public offer of Rainbow Children's Medicare was subscribed 12.43 times last month.

The offer of the multi-specialty pediatric hospital chain had a price band of Rs 516-542 apiece.

Rainbow Children's Medicare, backed by UK-based development finance institution CDC Group plc, established its first 50-bed pediatric specialty hospital in 1999 in Hyderabad.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)