Vaswani Industries has plunged to Rs 13, a huge 73% discount against its issue price of Rs 49 per share, after listing at Rs 33.45 on the Bombay Stock Exchange. Around 120,000 shares have changed hands on the counter in opening deals.
The shares of the Chhattisgarh-based entity listed nearly five months after the public issue closed for subscription.
In July, the Securities and Exchange Board (Sebi) directed the company to give a withdrawal option to all investors who were allotted shares in the non-institutional investors' and the retail individual investors' category "for such number of shares by which the allotment ratio was impacted due to withdrawals/rejections in the aforesaid categories."
Sebi investigations showed the issue, which was earlier subscribed a total of 4.16 times, was subscribed only 1.28 times after the withdrawals.