Shree Ram Twistex shares make weak market debut; tumble over 31 pc

New Delhi, Mar 2 (PTI) Shares of cotton yarn manufacturer Shree Ram Twistex Ltd on Monday ended with a discount of over 31 per cent against the issue price of Rs 104.

The stock began trading at Rs 70, a decline of 32.69 per cent from the issue price on the BSE. Later, it ended at Rs 73.45, down 29.38 per cent.

At the NSE, the stock started trading at Rs 68, a drop of 34.61 per cent. Shares of the firm ended at Rs 71.40, a discount of 31.34 per cent.

The company's market valuation stood at Rs 293.62 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 1,048.34 points or 1.29 per cent to end at 80,238.85. The 50-share NSE Nifty tumbled 312.95 points or 1.24 per cent to 24,865.70.

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 DRR