Garden Shipbuilders shares make weak debut; slump over 13%

Shares of Garden Reach Shipbuilders & Engineers made a weak debut at the bourses Wednesday, plunging over 13 per cent from the issue price of Rs 118 per share.

The stock listed at Rs 104, falling 11.86 per cent from the issue price on BSE.

At NSE, shares of the company debuted at Rs 102.50, plunging 13.13 per cent as compared to the issue price.

In terms of equity volume, 3.54 lakh shares of the company were traded on BSE and over 18 lakh shares changed hands at NSE during the morning trade.

The company's Rs 345-crore initial public offer ran from September 24-October 1 as the issue closure date was extended.

Also, the price band for the offer was revised from Rs 115-118 per share to Rs 114-118 per share.

IDBI Capital Markets & Securities and YES Securities were the book running lead managers to the offer.

Garden Reach is a ship building company under the administrative control of the Defence Ministry.

It has also built India's first indigenous warship -- the INS Ajay -- in 1961, as per the company's website.