Ortel Communications extends fall post listing

The stock locked in lower circuit of 5% at Rs 147 on the NSE, down 19% against its issue price of Rs 181 per share.

Ortel Communications is locked in lower circuit for second straight trading sessions, down 5% at Rs 147 on the National Stock Exchange (NSE), after its debut on the bourses on March 19.

Currently, the stock is trading 19% lower than its issue price of Rs 181 and seen no buyers on the counter.

Cable and internet services firm Ortel’s Initial Public Offering (IPO) received only 80% subscription, forcing the company to cut the issue size. The company raised Rs 174 crore and priced the IPO at the lower end of the Rs 181 to Rs 200 per share price band.

NSR PE Mauritius LLC (15.11%), ICICI Prudential Life Insurance Company Limited (9.09%) and Kotak Mahindra Bank Limited (8.81%) held more than 8% stake each in the company, the shareholding pattern data shows.

Till 1149 hours, a combined 10,363 shares changed hands and there are pending sell orders for 10,435 shares on the BSE.  The stock is locked in lower circuit of 5% at Rs 155 on the BSE.