Abans Holdings disappointed investors on its debut as the scrip settled at the day's low on December 23. Intense selling in the secondary markets and tepid subscription to the company's IPO weighed on its listing performance.
The stock opened at Rs 273, (which was also its day's high), against the issue price of Rs 270, and immediately crashed and stayed lower for almost the entire session.
The stock hit an intraday low of Rs 218.40 in the afternoon and stuck there till the closing. It hit a 20 percent lower circuit on the NSE, while on the BSE, too, it closed at a 20 percent lower circuit of Rs 216.
In terms of volumes, the financial services arm of Abans Group traded with 1.36 lakh shares on the BSE, and 17.12 lakh shares on the NSE.
Overall equity markets on Friday were completely caught in a bear trap with the Nifty50 falling more than 300 points and BSE Sensex declining nearly 1,000 points.
Abans Holdings has raised around Rs 345 crore via an initial public offering. The price band for the offer was Rs 256- Rs 270 per share.
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Incorporated in 2009, the company provides NBFC services, global institutional trading in equities, commodities and foreign exchange, private client stock broking, depositary services, asset management services, investment advisory services and wealth management services to corporates, institutional and high-net-worth clients.
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