The stock, which listed at Rs 304.95, down 5 per cent from the issue price on the BSE, finally settled with a steep loss of 20.73 per cent at Rs 254.45. Intra-day, it tanked 23.36 per cent to Rs 246.
At NSE, the stock plummeted 20.91 per cent to close at Rs 253.85.
On the volume front, 55.40 lakh shares of the company changed hands at BSE and over two crore shares were traded at NSE during the day.
Quick Heal is the third company after TeamLease Services and Precision Camshafts that made stock market debut this year.
The company's Rs 451-crore IPO, which closed on February 10, was over-subscribed 11 times at a price band of Rs 311-321 per share.
In the IPO, the portion set aside for qualified institutional buyers (QIBs) was subscribed 4.34 times, retail investors saw 3.8 times subscription and the non-institutional investors category was subscribed by 36.7 times.
While the proceeds from the offer of sale will not go to Quick Heal, the Rs 250-crore funds raised from fresh issue of equity shares will be used by the company for advertising and sales promotion and capital expenditure for research and development.
Meanwhile, as per media reports, one Manohar Malani, Managing Director of NCS Computech has complained to Sebi that Quick Heal did not disclose its entire shareholding details.
In a clarification to the BSE, the company said, NCS Computech was an erstwhile distributor of the company's products, business arrangements with whom were discontinued by the company in 2014 on account of NCS's failure to pay its outstanding dues to the company.