Shares of Mahindra Logistics Ltd fell as much as 2.1 percent on its market debut on Friday after the company raised 8.3 billion rupees ($128 million) via an initial public offering last week.

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The issue was, however, subscribed nearly eight times on the last day of the sale.

By 0433 GMT, shares in the company were trading at 425.55 rupees on the National Stock Exchange, down 0.80 percent versus its issue price of 429 rupees.

($1 = 65.0650 Indian rupees)

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)