Karda Constructions makes weak debut; ends 20% below issue price

The stock listed at Rs 136, 24% lower against issue price of Rs 180 per share, on the NSE and BSE.

Karda Constructions (KCL) has made a weak debut on the bourses by listing at Rs 136, 24% lower against its issue price of Rs 180 per share on the National Stock Exchange (NSE) and the BSE. The stock hit a low of Rs 129 on the NSE after its listing.

KCL, trading under ‘T’ group,  ended at Rs 142, 20% lower against issue price. The T Group represents scrips which are settled on a trade-to-trade basis as a surveillance measure.

The Rs 770 million initial public offer (IPO) of real estate company KCL was subscribed 2.53 times. Qualified institutional