SRS plunges 30% on debut

Shares of SRS, a company into business from cinema exhibition, jewellery, food to retail, slipped sharply in the opening trade on listing day. The stock was trading near day's low of Rs 40.40, down 30.34% from issue price of Rs 68 a share on the National Stock Exchange.

Traded volume on both exchanges was two crore equity shares while company issued 3.5 crore shares via IPO. The stock could not surpass its issue price level.

In an interview with CNBC-TV18, Anil Jindal, Chairman of the company says, he expects FY12 revenues at around Rs 3,000 crore. He said PAT was likely to be Rs 80 crore in FY12.

The company raised Rs 203 crore through the issue, which will be used for setting up cinemas, food courts and restaurants, retail stores and jewellery manufacturing facility.