Wiping out its initial gains, shares of VMS Industries fell sharply by nearly 29% on the BSE in its debut today vis-a-vis the issue price of Rs 40 per share.
The stock, which opened the day with a premium of nearly 10%, ended the day with a loss of 28.75% at Rs 28.50 on the Bombay Stock Exchange (BSE). In intra-day, the scrip touched a high of Rs 49.25 and a low of Rs 24.
On the volume front, over 3 crore shares changed hands on the bourses during the trade.
VMS Industries, engaged in ship recycling activities, off-shore support business activities, raised Rs 25.75 crore through the initial public offer.
Issue proceeds are proposed to be used for modernisation of ship recycling plot, setting up of corporate office at Ahmedabad and for long-term working capital requirement.
Meanwhile, the BSE crucial index Sensex settled the day at 18,308.66, up 42.63 points.