M & B Switchgears, which made its debut on Thursday, ended the day with a 71 per cent gain after seeing extreme volatility in the day’s trade. On BSE, it closed at Rs 317.55 — up nearly 71 per cent over its issue price of Rs 186. Earlier in the day, however, it had touched a low of Rs 118.65.
On NSE, the shares closed at Rs 318.40, nearly thrice the day’s low of Rs 121.05. The counter saw 61.58 million shares changing hands on the two bourses.
The company had raised Rs 93 crore through its IPO, diluting 25 per cent. The Indore-based company proposes to use the net proceeds to part finance its project to set up a 4-Mwp grid-connected solar photovoltaic power plant in Madhya Pradesh.