Manpasand Beverages makes weak debut on stock markets

Shares of fruit drinks maker Manpasand Beverages made a weak debut on the bourses on Thursday, falling 9 per cent, as against the issue price of Rs 320.

The stock listed at Rs 291, reflecting a sharp fall of 9 per cent, as compared to the issue price on the Bombay Stock Exchange (BSE). Selling intensified at the counter as the stock plunged 10.62 per cent to touch the day's low of Rs 286.

At the National Stock Exchange (NSE), shares of Manpasand Beverages debuted at Rs 300, down 6.25 per cent.

The initial public offer of Manpasand was over-subscribed 1.40 times last month.

The Gujarat-based firm, the eighth company to launch an IPO this year, had set a price band of Rs 290-320 for the issue.

Manpasand, the maker of 'Mango Sip' and other fruit drinks, has manufacturing plants in Vadodara, Dehradun and Varanasi.

Meanwhile, in the broader market, the Bombay Stock Exchange (BSE) barometer Sensex was trading flat at 27,687.38, 20.49 points down in the afternnon trade.

Shares of the firm closed at Rs 326.85 apiece on BSE.