Shares of toll management company MEP Infrastructure Developers made a sluggish debut on the bourses today and soon fell more than 16 per cent over the issue price of Rs 63.
The stock debuted at the issue price on the BSE. Later, it moved to a low of Rs 55.45, down 11.98 per cent.
At the NSE, it listed at Rs 65, a gain of 3.17 per cent as compared to the issue price. However, the stock erased all its initial gains and tanked 16.19 per cent to Rs 52.80.
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.
