ICICI Securities Shares Fall 16.3 Percent on Market Debut

ICICI Securities Shares Fall 16.3 Percent on Market Debut April 4, 2018

Mumbai: Shares in ICICI Securities Ltd fell as much as 16.3 percent on their market debut on Monday after the company raised a lower than expected 35.14 billion rupees ($541.26 million) at its initial public offering last week.

Shares were trading down 12.5 percent at 455 rupees as of 0433 GMT after earlier dropping to a low of 435 rupees.Shares in state-run Mishra Dhatu Nigam Ltd were trading at 89 rupees, down 1.11 percent on their market debut, versus an issue price of 90 rupees.

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The company, which makes special steels and alloys for sectors such as defence, power and space, had raised 4.33 billion rupees for the government at its initial public offering.

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