Bharat Dynamics makes weak market debut, tanks 16%

New Delhi: Shares of defence company Bharat Dynamics made a weak debut at the bourses today, falling nearly 16 per cent from the issue price of Rs 428.

The stock listed at Rs 360, a sharp fall of 15.88 per cent from the issue price, on BSE.

On NSE, shares of the company tumbled 13.55 per cent to Rs 370 in opening trade.

The company’s market valuation stood at Rs 7,184.63 crore.

Initial public offer of the firm was open during March 13-15 and was subscribed 1.30 times.

Price band for the issue was fixed at Rs 413-428.

SBI Capital Markets, IDBI Capital Markets & Securities and YES Securities (India) managed the issue.