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Share prices of some of the small cap companies, which were listed on the stock markets recently, including Nitin Spinners and Malu Paper Mills, have gone down below their offer prices.

Nitin Spinners closed at Rs 18.05 on Friday, compared to the issue price of Rs 21 while share prices of Malu Paper Mills ended at Rs 29.50, compared to the issue price of Rs 30 per share. Shares of both the companies had gone up immediately after listing with Nitin Spinners touching a high of Rs 31 on February 2 and Malu Paper touching Rs 36.40 on Wednesday.

Dealers said these companies looked vulnerable in the event of a market fall, considering that their expansion plans had a long-gestation period.

Rajesh Abraham

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