Angel Broking makes weak debut on St, tumbles 10%

MUMBAI: Shares of Angel Broking Ltd made a weak debut on the bourses on Monday, declining over 10 per cent from the issue price of Rs 306 apiece.

The stock tumbled 10.13 per cent to Rs 275 on the BSE in its opening trade. During the day, it tanked 16.14 per cent to Rs 256.60. Finally, it closed at Rs 275.85, lower by 9.85 per cent.

On the NSE, it closed at Rs 274.25, down 10.37 per cent after plunging 10.13 per cent to Rs 275 in debut trade.

The company's market valuation was at Rs 2,256.42 crore on the BSE.

In terms of volume, 8.94 lakh shares were traded on the BSE and over 85 lakh on the NSE.

The initial public offer of

Angel Broking was subscribed nearly four times last month.

Price range for the company's Rs 600-crore offer was fixed at Rs 305-306 apiece.

Angel Broking's shares may remain under pressure in the coming days as the company's valuations factor in most positives such as prospects of market share gains, said analysts. For the company to get rerated, it will need to turn cash flows positive, they said.