After opening weak on the Bombay Stock Exchange (BSE), shares of Shree Ganesh Jewellery House fell by 26.46 per cent to Rs 191.20 over its issue price of Rs 260.
At the National Stock Exchange, the stock opened nearly four per cent down at Rs 250.
The company is listed with 6.06 crore shares on both the bourses.
In the early morning trade, a total of 24.34 lakh shares of Shree Ganesh Jewellery House changed hands on both the bourses.
The company intends to use the Rs 370-crore amount raised through its initial public offering (IPO) fund for setting up two new manufacturing units in West Bengal, for expansion of its existing facility at Manikanchan SEZ, meeting working capital requirements, setting up retail outlets for the sale of its jewellery and also for general corporate purposes.
Published 09 April 2010, 04:18 IST