Rakesh Jhunjhunwala-backed A2Z Maintenance & Engineering Services (A2Z) disappointed on the first day of trade on bourses on Thursday, with the scrip plunging nearly 18 per cent.
The stock slipped 17.77 per cent to settle at Rs 328.90 on BSE, as compared to its issue price of Rs 400. During the day, the stock fell 20.33 per cent to hit a low of Rs 318.65.
The stock tumbled 17.96 per cent on the National Stock Exchange (NSE) as well to close at Rs 328.15.
However, contrary to its BSE opening, A2Z made a handsome debut on NSE, listing at Rs 500, a jump of 25 per cent over its issue price. In terms of volumes, over 50 million shares of the company were traded on the two bourses.
The initial public offer (IPO) of A2Z had failed to enthuse investors and was not even fully-subscribed.
The company had managed to mop up Rs 675 crore through the IPO.
