Vaswani Industries finally listed on the stock exchanges on Monday.
On the NSE, the scrip opened at Rs 33.7 a share which was also the highest price of the day. It touched a low of Rs 14 and closed at Rs 17.8 to a share. The issue price of the stock was Rs 49 a share and Monday's trade has resulted in a 74 per cent drop.
More than 3.57 crore shares amounting to Rs 73.58 crore changed hands on the first day of trading.
The scrip opened on the BSE at Rs 33.45 to a share, clocked a high of Rs 35.4, saw a low of Rs 13 and finally closed at Rs. 17.75 to a share.
The total volume on day one on the BSE was 2.34 crore shares valued at Rs 48.4 crore.
The scrip saw significant action in bulk deals on day one.
On the NSE, 35 entities bought 1.57 crore shares through bulk deals while 34 sold 1.5 crore shares.
On the BSE 16 entities bought 1.09 crore shares while 15 sold 1.05 crore shares.
SEBI received about 100 complaints from investors on May 13 alleging irregularities in the Vaswani Industries IPO.
Allegations of large scale withdrawals/ rejections on due stop payment of cheques, stop allotment of securities, cheques returned (bounced) and wrong dated cheques and an attempt to artificially inflate subscriptions in QIB and HNI categories and mislead the retail investor were made.
Consequent to this, SEBI withheld the Vaswani listing in a direction to stock exchanges on May 19 and then directed the company to provide withdrawal option to non institutional and retail investors on July 11.
The company approached the Securities Appellate Tribunal against the SEBI order which then decided that listing should be allowed after giving withdrawal option, completing subscription requirements and issuing one bonus share for every four shares held.