Shree Ram Twistex shares make weak market debut; tumble nearly 35 pc

New Delhi, Mar 2 (PTI) Shares of cotton yarn manufacturer Shree Ram Twistex Ltd on Monday listed with a discount of nearly 35 per cent against the issue price of Rs 104.

The stock began trading 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 valuation stood at Rs 275.83 crore.

The stock made its debut on a day when equity markets crashed amid escalating tensions in the Middle East. The 30-share BSE Sensex tanked 1, 143.14 points to 80,144.05 in late morning trade. The 50-share NSE Nifty tumbled 350.40 points to 24,831.05.

The initial public offer 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 company's initial public offering was entirely a fresh issue of up to 1,06,00,000 equity shares.

The company is a producer of high-quality yarn. PTI SUM HVA