Future Ventures tumbles in debut trade on bourses

Future Ventures India Limited, a part of the Future Group, made a weak opening on the bourses today and fell by 10% on the NSE vis-a-vis the issue price of Rs 10 per share.

The stock opened at Rs 9 apiece, down 10% from the issue price in morning trade on the National Stock Exchange (NSE). Later, the scrip was trading lower by 13.50% at Rs 8.65 apiece.

In a similar fashion, the stock debuted at Rs 9.50, down 5% from the issue price, on the Bombay Stock Exchange.

The company had entered the capital market with a price band of Rs 10-11 per share through a Rs 750 crore public issue.

It plans to utilise the IPO's proceeds to fuel acquisition plans in the FMCG, food and fashion segments.