Shilpi Cable Technologies' poor debut catches traders on the wrong foot

An otherwise smart player, day traders are believed to have run out of luck when they bet on Shilpi Cable Technologies, a newly-listed stock, on Friday. This is unlike some of the recent IPOs in which they made a killing amid sharp gains in the stocks on the days of their listing.

Shares of Shilpi Cable, which manufactures RF cables for the telecom sector and trades in cable accessories, debuted at a 31% discount to the offer price of 69 per share. According to brokers, some of the day traders took a major hit as they had to sell the shares at a much lower price than at which they had bought them in early hours of trading.

While Shilpi Cable opened at a 23% premium, the gains proved short-lived as the share price immediately slipped into the red and remained in the negative territory for the rest of the session, before ending at 47.6 on BSE on Friday. Over 3.8-crore shares were traded in the counter.

(Contributed by Vijay Gurav)