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Bharti Infratel listed on the bourses on Friday at Rs 200 a share — a discount of Rs 20 below the discovered price of Rs 220/ share.
The scrip hit an intra-day high of Rs 200 on the BSE and Rs 200.85 on the NSE. It touched a low of Rs 188.70 (BSE) and Rs 188.65 (NSE).
Finally the stock closed day one at Rs 191.20 and Rs 191.65 on the BSE and the NSE respectively.
Market experts said that performance of the other two scrips that listed in the last couple of days — PC Jeweller and Care Ratings is positive due to better response from the retail investors.
“The track record of the Bharti Group speaks for itself and almost 11 years later, history repeats itself with Bharti Infratel trading 13 per cent down on listing day,” said Arun Kejriwal, Founder KRIS Research.
“ The fact that 13 book-running lead managers could manage to sell the issue only to qualified institutional buyers (QIB) and smart retail and HNI investors did not subscribe to the issue points out to the emerging maturity in our markets. QIBs had to invest because of relationships while other investors need not show any loyalty,” he added.
Out of a total traded quantity of 3.53 crore shares on the NSE, 1.28 crore were delivered. On the BSE, the deliverable quantity was 41.84 lakh out of a total quantity of 1.49 crore shares traded.
>raghavendrarao.k@thehindu.co.in
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