The stock listed at Rs 104, falling 11.86 per cent from the issue price on BSE.
At NSE, shares of the company debuted at Rs 102.50, plunging 13.13 per cent as compared to the issue price.
In terms of equity volume, 3.54 lakh shares of the company were traded on BSE and over 18 lakh shares changed hands at NSE during the morning trade.
The company's Rs 345-crore initial public offer ran from September 24-October 1 as the issue closure date was extended.
IDBI Capital Markets & Securities and YES Securities were the book running lead managers to the offer.
Garden Reach is a ship building company under the administrative control of the Defence Ministry.
It has also built India's first indigenous warship -- the INS Ajay -- in 1961, as per the company's website.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)