Shares of Bharti Infratel, which raised over Rs.4,118 crore in the biggest IPO in two years, plunged over 13 per cent in its stock market debut on Friday.
After falling over 14 per cent during the day, shares of the company finally ended at Rs.191.20, down 13 per cent from its issue price of Rs.220 on the Bombay Stock Exchange.
The shares settled 13.18 per cent lower at Rs.191 on the National Stock Exchange.
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The shares hit a low of Rs.188.65 intra-day, and a high of Rs.200.85.
The telecom tower company now commands a market value of Rs.36,110 crore.
Bharti Infratel fixed the issue price at Rs.220 a share for institutional investors, while giving a discounted price of Rs.210 for retail investors.
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With the sale of 18.89 crore shares, the company had raised Rs.4,118.01 crore, including about Rs.1,388 crore from retail investors and Rs.2,078 crore from other investors such as QIBs and HNIs.
The company had said it planned to use the IPO proceeds to fund its expansion and future acquisitions.