Bharat Road Network closes below IPO price on institutional selling

The stock ended 7% lower at Rs 195, closing below its initial public offer price of Rs 205 per share on NSE.

Bharat Road Network (BNRL) ended 7% lower at Rs 195, closing below its initial public offer (IPO) price of Rs 205 per share on Tuesday after heavy selling by institutional investors on the first day of its listing. The stock hit an intra-day low of Rs 187 on the National Stock Exchange (NSE. A combined 3.22 million shares changed hands on the counter on the NSE and BSE today.

On Monday, September 18, 2017, BNP Paribas Arbitrage, JM Financial Asset Management, JM Financial Mutual Fund and Nomura Singapore had sold 7.32 million shares of Bharat Road Network for Rs