M&B Switchgears soars over 90% in debut trade

MUMBAI: In a spectacular but volatile listing, shares of transformer manufacturer M and B Switchgears today soared higher by more than 90 per cent in its debut trade on the bourses.

The stock rose to as high as Rs 356 a share, both on the BSE and the NSE, as against its public offer price of Rs 186. However, the stock had also plunged by nearly 25 per cent to as low as Rs 118.65 during a highly volatile trading session.

At the BSE, the stock closed with a gain of 71 per cent at Rs 317.55. It closed at the intra-day high level of Rs 356 at the NSE registered a surge of 91.4 per cent over the price at which shares were issued to the public investors.

M and B Switchgears had raised Rs 37 crore through an initial public offer of its shares to fund its expansion.

The stock had debuted weak at the BSE, at Rs 180 per share or 3.22 per cent below the issue price, and fell to as low as Rs 118.65 during the day. However, the stock emerged stronger as the trading session progressed.

At NSE, the stock opened with a modest gain at Rs 190, but had dipped to as low as Rs 121.05 in a highly volatile trade.

In terms of volume, over 6 crore shares exchanged hands on the two exchanges during the day.