PTC India Financial Services today made a lukewarm debut, plunging 11% down from its issue price on the Bombay Stock Exchange, even as broader market sentiment remained bullish.
Analysts said the company has good fundamentals and there was some pressure on the stock, as investors adopted a cautious approach on the listing day.
Shares of PTC India Financial Services settled at Rs 24.90, down 11.02% from its issue price on the BSE. It opened at Rs 28 a piece, equivalent to their issue price.
At the National Stock Exchange, the counter fell by 11.42% to Rs 24.8. Shares of the newcomer got off a weak start on the NSE as well.
"PTC India Financial Services have some pressure on the listing day but it is a quality company and will definitely come back in the medium to long-term," SMC Capitals Equity Head Jagannadham Thunuguntla said.
In terms of volume, over 5.8 crore shares got traded on both the bourses.
PTC India Financial Services, the non-banking financial institution promoted by PTC India, had fixed a price band of Rs 26-28 a share for its initial public offering (IPO).
The company intends to utilise the proceeds for augmenting its capital base to meet future capital requirements arising out of growth in its business.
PTC Financial Services was promoted to make investments in companies engaged in power generation, equipment supply and fuel source projects.
The company is focussed primarily on power generation projects in India, but also provides fee-based syndication and advisory services as well as carbon credit financing against certified emissions reduction (CER).
Meanwhile, the broader market Sensex closed 169.38 points higher at 19,290.18 level.
