Illustration: Ajay Mohanty
TCNS Clothing Co, an ethnic women’s apparel manufacturer, had a weak stock market debut, with its shares dropping as much 12 per cent, on Monday. Shares of the company closed at Rs 665, as compared to its initial public offering
(IPO) price of Rs 716.
The stock touched a high of Rs 725 and low of Rs 628 on NSE, where shares worth Rs 7.8 billion were traded.
Another Rs 0.9 billion worth of shares were traded on the BSE, where the shares ended even weaker, at Rs 658. TCNS’s disappointing debuts comes despite strong demand from institutional investors during the share sale.