Bharat Dynamics closes 8 per cent below issue price

The first among the few scheduled Defence PSUs listings happened on Friday, amid turbulent market conditions. The equity shares of Bharat Dynamics were listed on the stock exchanges under B Group Securities.

The stock of Bharat Dynamics open below its issue price. The IPO of the company was active between  March 13 to March 15, 2018. The price band was Rs. 413 to Rs. 428 per share, with Rs. 10 discount for employees and retail investors.

Bharat Dynamics Limited is a leading defence manufacture of missiles, underwater weapons and other test equipment. The company also partners with DRDO and is a mini-ratna (Category -1) firm.

The stock opened at Rs. 360.00 per share, which is down Rs. 37.30 or 8.71 per cent from its issue price.  The stock saw a high of Rs. 402.80 and Rs. 360 remained its day's low. Compared to its opening prices, the stock closed at Rs. 390.70, up Rs. 30.70 or 8.53 per cent.