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Garden Reach Shipbuilders makes a weak debut, settles 13% below issue price

The stock had touched a high of Rs 109 and a low of Rs 95 on both BSE and NSE during the day.

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India's second scorpene class submarine Khanderi launched at Mazagon dock shipbuilders limited (mdl) in Mumbai. Photo: PTI

SI Reporter Mumbai

Last Updated : Oct 10 2018 | 4:13 PM IST

Shares of Garden Reach Shipbuilders & Engineers (GRSE) made a weak debut on Wednesday settling at Rs 102.65 per share, down 13% below its issue price of Rs 118 on the National Stock Exchange (NSE). It settled at Rs 105.10 on the BSE, a 10.9% lower against issue price.

The stock had touched a high of Rs 109 and a low of Rs 95 on both the exchanges during the day.

The company's Rs 3.45 billion initial public offer (IPO) ran from September 24-October 1 as the issue closure date was extended.

The IPO got a lukewarm response, was subscribed

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