Transformer manufacturer M and B Switchgears made a weak debut on BSE today, with shares of the company getting listed at Rs 180 apiece, 3.22 per cent lower than their issue price of Rs 186 per share.
In contrast, on NSE, the scrip got listed at Rs 190, up 2.15 per cent in comparison to its issue price.
However, within minutes, the stock saw massive selling pressure and plummeted by 10.43 per cent to Rs 166.60 on BSE at 10 a.m. The company’s stock lost ground rapidly on NSE as well, shedding 10.40 per cent to Rs 166.65.
M and B Switchgears raised Rs 37 crore through an initial share sale for expansion purposes.
The decline in the stock was in line with the overall weakness in the market.
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