New Delhi, March 2 Shares of Shree Ram Twistex Ltd, a manufacturer of cotton yarn, began trading on Monday at a discount of nearly 35 per cent against the issue price of Rs 104.
The stock opened at Rs 70, a decline of 32.69 per cent on the BSE.
At the NSE, it started trading at Rs 68, a drop of 34.61 per cent.
The company's market capitalization stood at Rs 275.83 crore.
The stock debuted on a day when equity markets crashed amid escalating tensions in the Middle East. The 30-share BSE Sensex fell by 1,143.14 points to 80,144.05 in late morning trading. The 50-share NSE Nifty tumbled by 350.40 points to 24,831.05.
The initial public offering (IPO) of Shree Ram Twistex Ltd received 43.66 times subscription on the final day of share sale on Wednesday.
The Rs 110.24-crore IPO had a price range of Rs 95-104 per share.
The IPO was entirely a fresh issue of up to 1,06,00,000 equity shares.
The company is a producer of high-quality yarn.