Hindustan Aeronautics share, listed at 7.3% discount on the bourses on Monday marking a weak stock market debut after the state-run defence PSU Hindustan Aeronautics recently winded up it’s IPO.
Shares of Hindustan Aeronautics Limited fell as much as 7.25% to a day’s low of Rs 1150 after opening at Rs 1152 on NSE while the stock price of Hindustan Aeronautics Limited also tumbled 7.25% to Rs 1150 after opening at Rs 1169 on BSE.
At 10:03am, HAL shares were trading at Rs1,169, down 5-7% from it’s issue price of Rs 1,240.
The company provides end-to-end business operations comprising product research, design and development, manufacturing and provision of maintenance, repair and overhaul services, covering the complete operational life of it’s products.
The stock toughed a high and a low of Rs 1,184 and Rs 1,150 respectively. The company has already set a price band of Rs1,215 to Rs1,240 per share of the IPO.
Hindustan Aeronautics Limited IPO was undersubscribed on the last day of subscription despite an overbidding by institutional investors. It was subscribed 99% in three day bidding process from 16 to 20 March 2018.
Irrespective of providing an offer of Rs 25 per equity share on the IPO price of Rs 1,215 to Rs 1,240 to the retail investors and eligible employees, the IPO of Hindustan Aeronautics Limited remain undersubscribed.