Transformer manufacturer M and B Switchgears made a weak debut on the BSE today, with shares of the company getting listed at Rs 180 apiece, 3.22% lower than their issue price of Rs 186 per share.
In contrast, on the NSE, the scrip got listed at Rs 190, up 2.15% in comparison to its issue price.
However, within minutes, the stock saw massive selling pressure and plummeted by 10.43% to Rs 166.60 on the BSE at 1000 hours. The company's stock lost ground rapidly on the NSE as well, shedding 10.40% to Rs 166.65.
M and B Switchgears raised Rs 37 crore through an initial share sale for expansion purposes.
The decline in the stock was in line with the overall weakness in the market, with the benchmark Sensex trading 254.40 points lower at 16,830.94 at 1005 hours.
