Essar Shipping on Tuesday made its debut on the stock market after its demerger from Essar Shipping Ports and Logistics.
On the BSE, the stock ended the day at Rs 29.70, after having started the day's trading session at Rs 95. On the NSE, the stock opened at Rs 40 and closed at Rs 29 share.
The opening price of Rs 95 was also the highest the stock touched during the day. However, the stock slipped and continued to fall touching a day's low of Rs 29. A total of 1.4 lakh shares were traded during the day.
Essar Shipping, Ports & Logistics Ltd (ESPPL) was earlier demerged. to create Essar Ports Ltd and Essar Shipping Ltd. At the time of the demerger, the stocks were split in the ratio of 2:1, wherein for every three shares of ESPPL held, two would be of Essar Ports and one of Essar Shipping.
Essar Shipping will broadly operate in shipping, logistics and oilfields services segment while Essar Ports will cater to ports operations.