India Grid Trust's shares fell as much as 6.3 per cent on their trading debut on Tuesday, after the fund raised Rs 2,250 crore ($349.73 million) in the country's second-ever initial public offering by an infrastructure investment fund.
India Grid Trust shares were down 2.5 per cent at Rs 97.50 at about 10.30 am on the Bombay Stock Exchange, having dropped to a low of Rs 94, compared with their issue price of Rs 100.
On the NSE, the shares were trading at Rs 97.60, down 2.11 per cent, having dropped to a low of Rs 93.70 in early trade.
Infrastructure investment trusts and real estate investment trusts are entities that invest in rent-yielding assets and distribute most of their income to shareholders as dividends.
Last month, the first infrastructure investment trust, IRB InvIT, saw a lacklustre opening and shares continue to trade below the issue price. Bankers have attributed the under-performance to the lack of Indian investors' familiarity with the product.