Future Ventures India Limited, a part of Kishore Biyani-led Future Group, had a disappointing debut as the stock nosedived by over 17% on the NSE today vis-a-vis the issue price of Rs 10 per share.
Extending its initial losses, the stock ended the day at Rs 8.25 apiece, down 17.50% from its issue price on the National Stock Exchange (NSE). In intra-day, the counter shed 21% to touch a low of Rs 7.90.
On the Bombay Stock Exchange, the stock tumbled by 17% to settle at Rs 8.30 apiece after opening at Rs 9.50.
In terms of volume, over 25 crore shares of the company changed hands on the bourses during the day.
According to analysts, the disappointing performance by the stock on the first day of trade can be attributed to the lukewarm response the company's public issue received.
The initial public offer of Future Ventures was subscribed 1.51 times.
The company had entered the capital market with a price band of Rs 10-11 per share through a Rs 750 crore public issue.
It plans to utilise the IPO's proceeds to fuel acquisition plans in the FMCG, food and fashion segments.
Meanwhile, the BSE benchmark Sensex ended flat at 18,512.77.
