Ircon International makes weak mkt debut; shares tank 13%

Shares of engineering and construction company Ircon International made a weak debut at the bourses Friday and ended 13 per cent lower against the issue price of Rs 475.

The stock settled at Rs 416.65, a sharp fall of 12.28 per cent against the issue price on BSE. The stock listed at Rs 410.30, plunging 13.62 per cent from the issue price in morning trade.

On NSE, shares of the company closed 13 per cent lower at Rs 412.95.

In terms of equity volume, 7.56 lakh shares of the company were traded on BSE and over 56 lakh shares changed hands on NSE.

The company's market valuation stood at Rs 3,918.66 crore.

The company's Rs 470-crore issue ran between September 17 and 19 and was subscribed nearly 10 times.

Price band for the offer was set at Rs 470-475 per share.

Ircon International is a state-owned engineering and construction company, specialising in major infrastructure projects, commercial and residential properties, development of industrial areas and other infrastructure activities.