Shares of L&T Finance Holdings settled below the issue price of Rs 52 on the bourses on the first day of trade on Friday amid a sluggish broader market.
After a weak opening, the scrip failed to recover the lost ground and ended at Rs 49.95, down 3.94 per cent vis-avis the issue price on the BSE.
The stock had a similar fate on the NSE, where it closed at Rs 49.95, down 3.94 per cent against the issue price.The company which raised Rs 1,245 crore through its initial public offer plans to use the proceeds from the issue in five L&T subsidiaries - L&T Infrastructure Company, L&T Finance, India Infrastructure Developers, L&T Investment Management and L&T Mutual Fund Trustees.
The portion reserved for QIB bidders got subscribed 1.93 times, the segment for non-institutional investors was subscribed 6.13 times and the one for retail investors was subscribed 8.64 times.
Meanwhile, the BSE benchmark index Sensex ended 219.77 points lower at 16,839.63.