Shares of Heranba Industries slipped 3 per cent to hit a new low of Rs 606.55 on the BSE in intra-day trade on Tuesday, falling below its issue price of Rs 627 per share. The stock of agrochemicals company was trading at its lowest level since listing on March 5. It has now corrected 36 per cent from its high of Rs 944.95 touched on its debut day.
Shares of Heranba Industries had made a strong debut on the bourses with the stock listing at Rs 900, a 43.5 per cent premium over its issue price. The initial public offer of the Gujarat-based firm was subscribed 83 times. The institutional investor portion was subscribed 67 times, the wealthy investors' portion by 271 times and the retail investors' quota 11 times.