PNC Infratech shares fall nearly 5% in debut trade

Mumbai: Shares of PNC Infratech Ltd settled at a loss of nearly 5% against the issue price of ₹ 378 apiece on the first day of trade on Tuesday.

After debuting at ₹ 381, a gain of 0.79% compared with the issue price, the stock later succumbed to profit-booking and finally ended at ₹ 360.20, down 4.7% on the BSE. During the day, the scrip touched a high of ₹ 387.80 and a low of ₹ 346.30.

On the NSE, shares of PNC Infratech settled 4.62% lower at ₹ 360.50. In terms of volume, 10.12 lakh shares of the company changed hands on the BSE and more than 34 lakh shares were traded on the NSE during the day.

The company commands a market valuation of ₹ 1,848.11 crore. The initial public offer (IPO) of the Agra-based company was subscribed 1.54 times earlier this month. The company’s public issue comprised of up to 12,921,708 shares and were sold in a price band of ₹ 355-378 per share.

The company runs projects in Rajasthan, Punjab, Haryana, Uttarakhand, Uttar Pradesh, Delhi, Bihar, West Bengal, Assam, Madhya Pradesh, Maharashtra, Karnataka and Tamil Nadu. In the stock market, the BSE benchmark Sensex ended at 27,531.41, down 112.47 points.