Shares of state-run guided weapon systems maker Bharat Dynamics Ltd were trading down 8 per cent on their market debut after an initial public offering worth Rs 960 crore ($147.5 million). Shares listed at a discount of 13.55 per cent at Rs 370 against the IPO price of Rs 428. It fell as much as 15 per cent to 362 in early trade before recovering some of the losses.
The stock was trading at Rs 395.45 at about 10.30 am. The IPO was subscribed 1.3 times on the last day of the sale earlier this month.