Shriram Properties shares tumble more than 16% in debut trade

Shares of Shriram Properties Ltd 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 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 NSE, it made debut at Rs 90, a discount of 23.72 per cent. It settled at Rs 98.90, a delcine 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.