Readymade Steel makes weak debut, falls 40%

On the Bombay Stock Exchange (BSE), the shares made its debut at Rs 115, before gaining further ground to touch an high of Rs 117.75. Later in the day, however, it came under heavy selling pressure. It fell to an intra-day low of Rs 62.30. It finally settled the day at Rs 66.45, nearly 40 per cent lower than its issue price of Rs 108.

Around 34 million shares of Readymade Steel India were traded on Wednesday. At the closing price of Rs 66.45, the total market capitalisation of the company is pegged at Rs 77 crore. The fall in the share price has come on a day when the benchmark Sensex has gained one per cent or 184.40 points to close at 18,596

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