Omkar Speciality down 53% in debut trade

MUMBAI: Omkar Speciality Chemicals in its debut trade today plummeted by nearly 53 per cent of its issue price at BSE amid a bearish market.

Omkar Speciality Chemicals, which manufactures and sells specialty chemicals, had fixed the issue price at the upper end of its price band ranging between Rs 95-98. It raised about Rs 79 crore from its initial public offer.

However, after opening at a discount of over 3 per cent from its issue price of Rs 98, the Omkar Speciality Chemicals counter nosedived by 52.85 per cent to settle at Rs 46.20 on Bombay Stock Exchange. Besides, it lost as much as 56.63 per cent in intra-day trading.

Similarly, at National Stock exchange, the newcomer lost by 56.53 per cent to close at Rs 42.60 a piece. In terms of volume, about 5 crore shares of the company were traded on the two bourses.

Market observers said the stock was hit by weakness in the broader market on account of the dampened investor sentiment and dearth of FII activity.

Meanwhile, the BSE benchmark Sensex closed 129.73 points lower at 17,463.04 level today.