Fusion Microfinance shares tank over 12% in debut trade

Shares of Fusion Microfinance on Tuesday tanked more than 12 per cent in debut trade. At 3 PM, the stock quoted Rs 326 apiece on NSE and BSE, declining around 12 per cent from the listing price of Rs 359.50.

Fusion Microfinance stocks made a weak market debut, falling over 2 per cent, against the issue price of Rs 368. The stock made its debut at Rs 360.50, a discount of 2 per cent on the BSE. It later fell 6.25 per cent to Rs 345.

Its market valuation stood at Rs 3,447.61 crore at the BSE, according to a PTI report.

At the NSE, it began the trade at Rs 359.50, lower by 2.30 per cent from the issue price.

The Initial Public Offering (IPO) of Fusion Micro Finance was subscribed 2.95 times earlier this month.

The Rs 1,104-crore IPO had a price range of Rs 350-368 a share.

The IPO had a fresh issue of up to Rs 600 crore and an offer-for-sale of up to 1,36,95,466 equity shares.