The stock fell as much as 4.5 percent in early trade to hit day's low of Rs 716 while its pre-opening price of Rs 730 remained the highest level.
Footwear retailer Khadim India started off the first day on a tepid note Tuesday. The stock listed at Rs 723 on the National Stock Exhange, a 3.6 percent discount to issue price of Rs 750 per share.
The stock fell as much as 5 percent in early trade to hit day's low of Rs 712.50 while its pre-opening price of Rs 730 remained the highest level of the day.
At 10:03 hours IST, the stock was trading at Rs 725.25, down 3.3 percent from issue price.
Khadim India's Rs 543-crore IPO was subscribed 1.90 times during November 2-6. The price band for the offer was fixed at Rs 745-750 per share.
The IPO comprised fresh issue of Rs 50 crore and an offer for sale of up to 65,74,093 shares by existing shareholders.
Incorporated in 1981, Khadim India, which entered into retail business in 1993, would use net proceeds from the fresh issue for payment of loans and general corporate purposes.At the end of June this year, it had 853 retail store outlets in different parts of the country.