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L&T Infotech falls in market debut after $184 million IPO

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Reuters BENGALURU/MUMBAI
Last Updated : Jul 21 2016 | 12:07 PM IST

BENGALURU/MUMBAI (Reuters) - Shares of Larsen & Toubro Infotech Ltd, India's sixth-biggest software services exporter, fell on market debut on Thursday amid concerns about the sector's outlook.

As of 11:48 a.m IST, L&T Infotech shares were trading at 706.50 rupees, down 0.5 percent from the issue price of 710 rupees.

The company's IPO, in which the parent engineering services provider Larsen & Toubro sold part of its stake, had raised about 12.36 billion rupees ($183.8 million).

The IPO had been subscribed more than 11 times.

($1 = 67.2400 Indian rupees)

(Reporting by Tanvi Mehta and Manoj Rawal; Writing by Devidutta Tripathy; Editing by Sherry Jacob-Phillips)

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First Published: Jul 21 2016 | 11:50 AM IST

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