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)