Shares of Sterling and Wilson Solar made a disappointing debut on the bourses on Tuesday falling more than 8 per cent over its issue price of Rs 780.
The scrip opened the day at Rs 700, with a discount of 10.25 per cent over its issue price on the BSE. During the day, it touched a high of Rs 755.50 and a low of Rs 691. It later closed at Rs 725.35, down 7 per cent.
On the NSE, scrip tumbled 8.33 per cent to close at Rs 715. Earlier, it listed at Rs 706, a discount of 9.48 per cent from the issue price.
In terms of the traded volume, 3.09 lakh shares were traded on the BSE and over 45 lakh shares on the NSE during the day.
The company's market valuation was at Rs 11,631.71 crore on the BSE.
The Rs 3,125 crore initial public offer of Shapoorji Pallonji group firm Sterling and Wilson Solar Ltd was subscribed 92 per cent.
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The price range for the offer was fixed at Rs 775-780 per share.
The firm had said that the portion of the net proceeds would be utilised towards funding full repayment of loans.
ICICI Securities, Axis Capital, Credit Suisse Securities India, Deutsche Equities India, IIFL Securities, SBI Capital Markets, IndusInd Bank and Yes Securities India had managed the offer.
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