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Oct 19, 2011, 04.49 PM IST
Information-technology firm Taksheel Solutions (TSL) has disappointed investors on listing day itself, falling 74% to touch an intra-day low of Rs 39.10 on the National Stock Exchange. The stock tumbled 61%, to close at Rs 58.15.
The stock tumbled 61%, to close at Rs 58.15. Total traded volume on both exchanges was more than 9 crore equity shares - 16.5 times higher compared to issue size of 55 lakh shares. The Hyderabad-based firm had planned IPO of Rs 82.5 crore for setting up two software development centres and acquisitions. The company offers IT products and services to financial services and telecom companies, which planned to use Rs 22 crore from the issue proceeds for acquiring firms in a similar line of business.
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