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Shriram Properties Shares Fall Over 16% On Debut Trade

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Shriram Properties Shares Fall Over 16% On Debut Trade

Shriram Properties Limited’s shares had a poor debut on the bourses

New Delhi:

Shares of Shriram Properties Limited on Monday listed with a discount of nearly 24 per cent against its issue price of Rs 118 and settled over 16 per cent lower.

The stock listed at Rs 94, a decline of 20.33 per cent from the issue price on the Bombay stock exchange (BSE). During the day, it tumbled 22.24 per cent to Rs 91.75. It settled at Rs 99.40, a discount of 15.76 per cent.

On the National stock exchange (NSE), it debuted at Rs 90, a discount of 23.72 per cent. It settled at Rs 98.90, a decline of 16.18 per cent.

In traded volume terms, 23.43 lakh shares were traded at the BSE and over 3 crore units at the NSE during the day.

The company’s market valuation remained at Rs 1,686.06 crore.

Shriram Properties’ initial share sale got subscribed 4.60 times on the final day of the offering earlier this month.

The realty player’s price band for the offer was Rs 113-118 per share.¬†

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