Published on 23/03/2018 10:34:01 AM | Source: Reuters

Bharat Dynamics shares fall on debut after $148 million IPO

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel 

Download Telegram App before Joining the Channel

Shares of India's state-run guided weapon systems maker Bharat Dynamics Ltd were trading down 8 percent on their market debut after an initial public offering worth 9.60 billion rupees ($147.5 million).

Shares fell as much as 15 percent in early trade, before recovering some of the losses. The stock was trading at 394 rupees at 0431 GMT, compared with their IPO price of 428 rupees.

The IPO was subscribed 1.3 times on the last day of the sale earlier this month.

($1 = 65.1000 Indian rupees)

(Reporting by Tanvi Mehta in Bengaluru; Editing by Amrutha Gayathri)