Essar Shipping, which made its debut on the bourses on Tuesday, saw its market capitalisation falling from nearly Rs 2,000 crore to Rs 609 crore on the first day. The scrip opened at Rs 95 on BSE, before going in a free-fall mode and closing at Rs 29.70, about 70 per cent lower than the day’s high. It closed only a tad above its low of Rs 29. On NSE, it closed at Rs 29.10.
Essar Shipping is the demerged entity of Essar Shipping Ports & Logistics and includes the shipping, oilfield services and logistics businesses of the Essar group. Shares of Essar Shipping Ports & Logistics were split earlier this year, giving shareholders two shares of Essar Ports and a share of Essar Shipping for every three shares in the company held.
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