Vaswani Industries weak debut, closes 64% lower

Vaswani Industries saw huge selling pressure on listing day, especially since the start of trade. The stock fell as much as 71% to hit an intra-day low of Rs 14 on the National Stock Exchange, before closing down nearly 64% at Rs 17.80.

The stock was opened at Rs 33.70 as against issue price of Rs 49 a share. Total traded volume on both exchanges was more than 5.9 crore equity shares as against issue size of one crore shares.

The stock listed after a gap of almost five months. It had came under SEBI investigation for large number of withdrawals and rejections in non-institutional investors’ category.

Vaswani Industries is in the business of manufacturing sponge-iron and steel billets, but gets over 50% of revenues from power generation.

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