Jaypee Infratech sheds 12% on listing

Jaypee Infratech, which listed on the stock exchanges on Friday, could not even manage to touch its issue price during the morning session of trading.

On the National Stock Exchange (NSE), the stock made its debut at Rs 98, lower than its issue price of Rs 102. It went up only marginally to touch a high of Rs 98.80, before selling pressure gripped the counter. At 11 am, the stock was trading at Rs 92.70, after falling to a low of Rs 90. More than 26 million shares changed hands on NSE in the first three hours of the trading session.

Meanwhile, on the Bombay Stock Exchange (BSE), the stock made its debut at Rs 93, before touching an intra-day high and low of Rs 98.50 and Rs 90, respectively. A total of 10.40 million shares of Jaypee Infratech were traded on the BSE till 11 am.

The issue, which was open for subscription between April 29 and May 4, was subscribed just 1.24 times. The portion reserved for qualified institutional investors was subscribed 1.77 times and non-institutional investors 1.15 times. Retail investors' portion got subscribed a mere 0.6 times.