M and B Switchgears : stellar performance on debut

M and B Switchgears showed stellar performance in the last couple of hours of trade on Day 1, surging as much as 91% to touch an intra-day high of Rs 356 a share on the National Stock Exchange. However, the stock traded below issue price of Rs 186 a share since the initial trade today.

A share rallied 71%, to close at Rs 318.40. Its intra-day low was Rs 121.05, a fall of 35% from issue price.

Traded volume on both exchanges was more than 6 crore equity shares – 12 times higher than issue size of 50 lakh shares.

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