MSTC shares drop on first day of trade

Shares of state-owned MSTC Ltd made a weak market debut Friday, falling up to 7.5 per cent as against the issue price of Rs 120 per share.

The stock opened the day at Rs 111, a decline of 7.5 per cent from the issue price on the BSE. It later touched a high of Rs 116.55 and a low of Rs 110.05.

On the National Stock Exchange (NSE), shares debuted at Rs 115, a drop of 4.16 per cent. The stock later jumped to a high of Rs 120 and a low of Rs 111.

MSTC's initial share sale, which was extended, was subscribed 1.46 times.

In an update on the NSE, the book running lead managers (BRLM) to the MSTC issue had told the exchange that the issue closure date had been extended up to March 20. Also, price band was revised from Rs 121-128 to Rs 120-128 per share.

The offer was earlier scheduled to close on March 15.

Equirus Capital Private Ltd managed the offer.

MSTC, a Kolkata-based firm, was incorporated in 1964 as a trading company to deal in the export of scrap. There are three main business verticals in the company -- e-commerce, trading and recycling.