The shares of newly listed Nuvoco Vistas Corporation Limited have surged over 6 per cent to hit a new life high of Rs 564.9 per share on the BSE intraday on the second trading session today, however, it erased all gains only to trade negative.

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The stock since its listing on August 23, 2021, has surged around 20 per cent. It made a weak market debut by listing below issue price, exact in line with Zee Business Managing Editor and the market guru Anil Singhvi's expectations.   

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Nuvoco Vistas shares got listed over 17 per cent lower to Rs 471 per share on the BSE and almost 15 per cent dip to Rs 485 per share on the NSE, as compared to the issue price of Rs 570 per share.

The managing editor ahead of its listing had expected that Nuvoco Vistas shares to list below issue price of Rs 570 per share and had advised the long-term investors to enter at lower levels if the stocks fall by 10 to 20 per cent below issue price.  

At around 02:06 pm, the scrip was trading 2.5 per cent lower to Rs 519.35 per share on the BSE, as compared to 0.72 per cent rise in the S&P BSE Sensex.

The Market Guru had advised investors to refrain from investing in this IPO. Investors with a long-term view of at least 3 years must only apply, he had recommended previously.  

The three-day initial public offer between 9-11 August 2021, was overall subscribed 1.71 times. It received bids for 10,70,27,492 shares against 6,25,00,001 shares offered, as per the exchanges data.  

The initial public offer aggregating up to Rs 5,000 crore had a fresh issue of up to Rs 1,500 crore and an offer for sale of up to Rs 3,500 crore. The price band of the three-day IPO is at Rs 560-570 apiece.