SRS slumps nearly 40% on bourses in debut trade

Shares of SRS , a company into cinema exhibition, food and retail, got listed at Rs 55 a piece on the Bombay Stock Exchange today, 5.17% lower than their issue price of Rs 58 per share.

However, in sharp contrast, the stock listed at Rs 68 on the National Stock Exchange, 17.24% higher than the issue price.

However, within minutes, the stock saw the initial gains registered on the NSE erased and it tumbled 37.67% to Rs 36.15 at 1125 hours.

SRS had entered the capital market through an IPO with a price band of Rs 58-65 per equity share.

The company raised Rs 225 crore through the issue, which will be used for setting up cinemas, food courts and restaurants, retail stores and jewellery manufacturing facility.

At present, the firm operates 23 SRS Value Bazaar retail stores, 15 food courts and 30 cinema screens in North India.

The company also operates five jewellery retail and wholesale outlets and a jewellery manufacturing unit in Delhi.

The stock was later trading at Rs 36.25 on the BSE at 1125 hours.