Monte Carlo makes disappointing debut; tanks over 12%

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Mumbai | Published: December 19, 2014 7:15:54 PM

Shares of apparel manufacturer Monte Carlo Fashions made a disappointing debut at the bourses...

Shares of apparel manufacturer Monte Carlo Fashions made a disappointing debut at the bourses today, ending with over 12 per cent losses against the issue price of Rs 645.

Monte Carlo’s scrip plunged 12.18 per cent to settle at Rs 566.40 on the BSE against the issue price. During the day, it tumbled 18.11 per cent to Rs 528.15.

At the NSE, it tanked 12 per cent to close at Rs 567.30.

On the volume front, 19.21 lakh shares of the company changed hands at the BSE, while over 56 lakh shares were traded at the NSE during the day.

Monte Carlo’s Rs 350 crore-IPO was subscribed 7.83 times. The price band of the issue was fixed at Rs 630-645. The company had mopped up Rs 105 crore from anchor investors.

The company was launched in 1984 as an exclusive woollen brand by Oswal Woollen Mills Ltd (OWML).

This year, Monte Carlo is the first company whose shares have dropped below the issue price on opening day despite a good response to initial public offer.

Meanwhile, the BSE benchmark Sensex ended with a gain of 245.27 points at 27,371.84.

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