The Hindu Business Line : Deccan Aviation, Unity Infraprojects get the bear hug on debut

The shares of Deccan Aviation, which made a debut on the bourses on Monday, fell below its issue price in a volatile market. The shares opened at Rs 148.05, but moved down thereafter and closed at Rs 98.85 at a discount of 33.02 per cent to the IPO price of Rs 148.05. The benchmark index Sensex lost 334 points diluting the prospects of the shares further.

The IPO launched in a completely volatile market had to be extended by three days amidst high selling by FIIs in the secondary market then. The floor price of the IPO was also revised to Rs 146 from Rs 150. The IPO was finally oversubscribed 1.23 times.

Construction firm Unity Infraprojects also felt the heat of the steep fall in the market with the issue opening at Rs 650 against the offered price of Rs 675. The shares closed at Rs 471.70 at a discount of over 30 per cent. The construction company's shares reached an intra day low of Rs 462.10.

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