Shares of toll management company MEP Infrastructure Developers today made a sluggish debut on the bourses and ended the day with a sharp fall of over 7 per cent over the issue price of Rs 63.
After debuting at Rs 63 on the BSE, shares of the company soon succumbed to profit-booking and finally ended at Rs 60.95, down 3.25 per cent. During the day, it fell to a low of Rs 55.45 and a high of Rs 63.50.
On the NSE, the stock fell by 7.3 per cent to Rs 58.40.
On the volume front, 89.50 lakh shares of the company changed hands at the BSE and over one crore shares were traded on the NSE during the day.
The company commands a market valuation of Rs 990.86 crore.
Extreme weakness in the stock market too played spoilsport for the stock. The BSE 30-share Sensex ended at 26,717.37, down 722.77 points or 2.63 per cent.
The initial public offer (IPO) of MEP Infrastructure Developers was subscribed 1.10 times last month.
The company had fixed Rs 63-65 as the price band for the Rs 324-crore public offer.
The company, along with its subsidiaries, has operated 68 projects with an aggregate of 122 toll plazas and 783 lanes across 12 states.
