MUMBAI: Shares of Pipavav Shipyard couldn’t hold on to its listing gains and slipped below its issue price in early trade.
At 10:09 am, the scrip was at Rs 58.90, up 1.55 per cent on the NSE. It slipped below its issue price to intra-day low of Rs 57.75 after hitting a high of Rs 61.10. Total of 15319635 shares were traded in the counter.
On the BSE, the stock was at Rs 58.85, up 1.50 per cent on volume of 8778183 shares. The scrip hit a low of Rs 57.75 and high of Rs 64.75 in trade so far.
Pipavav Shipyard had fixed its issue price at Rs 58 per share and planned to deploy proceeds for construction of facilities for shipbuilding, ship repair and the offshore business.
The company's current order book stands at $920 million for 34 vessels, including 12 offshore supply vessels for state-run explorer ONGC.
Source : The Economic Times