Shares of Khadim India drop 9% on debut

Khadim's Rs 540-crore IPO had garnered less than two times subscription

Shares of footwear company Khadim India dropped over nine per cent during their stock market debut. The stock on Tuesday closed at Rs 680.5, down 9.3 per cent, or Rs 69.5, over its issue price of Rs 750 a share. A day earlier, the New India Assurance stock had also declined nine per cent during its trading debut. Market players say back-to-back weak listings could hurt investor sentiment towards primary issuances.

During the day, shares of Khadim touched an intra-day high of Rs 740 and a low of Rs 677.3, with a total of Rs 244 crore worth of shares changing