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Our Bureau

Mumbai , April 22

Dishman Pharmaceuticals and Chemicals Ltd made its debut on the Bombay Stock Exchange (BSE) at Rs 301.20 on Thursday.

By 3 p.m., the stock touched a high of Rs 593.70 and closed the first day of trading at Rs 542. Over 48 lakh shares were traded during the day on the BSE.

On the National Stock Exchange, the stock opened at Rs 345 and touched a high of Rs 597.80 before closing at Rs 513. Over 89 lakh shares were traded on the NSE.

The volumes across the two exchanges indicate that the total equity capital of the company was traded today. The total trading during the day is nearly four times the shares issued during the IPO.

"There is bound to be some volatility on the first day of trading. The price is also a reflection of the high levels of market interest in the pharmaceutical industry," said Mr Girish Nadkarni, Chief Operating Officer, IL&FS Investmart, one of the book running lead managers to the issue.

The Ahmedabad-based manufacturer of ammonium and phosphonium quaternary compounds had offered 34.3 lakh shares at Rs 175. The issue was oversubscribed by about 40 times.

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