Popular Vehicles falls 2% in debut trade

New Delhi: The stock of Popular Vehicles and Services Ltd made a weak market debut on Tuesday, listing with a discount of nearly 2 per cent, from the issue price of Rs295. Shares of the company started the day at Rs292, down 1 per cent from the issue price on the BSE. Later, the stock tumbled 10.88 per cent to Rs262.90. On the NSE, it listed at Rs289.20, registering a decline of 1.96 per cent.

The company commanded a market valuation of Rs1,928.05 crore. The Initial Public Offer (IPO) of Popular Vehicles and Services received 1.23 times subscription on the closing day of bidding on Thursday. The Rs601.55-crore IPO had a fresh issue of up to Rs250 crore and an offer for sale of up to 1,19,17,075 equity shares.