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Business News/ Market / Stock-market-news/  Bharat Dynamics shares fall 16% on stock market debut
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Bharat Dynamics shares fall 16% on stock market debut

Bharat Dynamics shares open 15.9% lower at Rs360 against the issue price of Rs428 on BSE on market debut after its IPO witnessed an overall subscription of 1.3 times

At 10.10 am, Bharat Dynamics shares were down 7.35% at Rs397.05, while benchmark 30-share Sensex traded 1.13% lower at 32616.62.Premium
At 10.10 am, Bharat Dynamics shares were down 7.35% at Rs397.05, while benchmark 30-share Sensex traded 1.13% lower at 32616.62.

Mumbai: Shares of Bharat Dynamics Ltd debuted at 15.9% discount to its issue price after its Rs960-crore initial public offering (IPO) of the public sector undertaking witnessed an overall subscription of 1.3 times last week.

Bharat Dynamics shares opened 15.88% lower on the BSE at Rs360 apiece, compared to the issue price of Rs428, which was the upper end of the price band of Rs413-428 per share.

At 10.10am, the shares were down 7.35% at Rs397.05, while benchmark 30-share Sensex traded 1.13% lower at 32616.62. Earlier in the day, the shares touched a high of Rs402.80 and a low of Rs360.

Bharat Dynamics was the first state-run company to be listed in 2018.

Brokerages had recommended subscribing for state-owned defence equipment maker’s IPO, citing strong return ratios and sound track record on profitability.

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Published: 23 Mar 2018, 10:25 AM IST
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