Jagran Prakashan share drops sharply on debut day

Mumbai, Feb 22 (UNI) Hindi daily 'Dainik Jagran' publishers Jagran Prakashan today made its debut on the stock markets with a fluctuating response.

On the National Stock Exchange (NSE), the Jagran scrip listed with a premium of 12.50 per cent, whereas on the Bombay Stock Exchange (BSE) it was listed with a premium of 17.15 per cent.

The scrip opened at Rs 361 per share against the fix issue price of Rs 320 per share of Rs 10 value on the NSE.

However, the scrip traded with loss during the day dipping to a low of Rs 265.10 on the NSE and finally closed at Rs 270.50 with a loss of 15.47 per cent or Rs 49.50.

The turnover was huge on NSE with 1.71 crore shares worth Rs 496 crore changing hands.

In a wild swing, the Jagran scrip saw a drop of Rs 126.90 on the NSE from the day's high of Rs 392 to a low Rs 265.10.

On the BSE, the scrip opened at Rs 376 and touched a high of Rs 405, but later dipped to a low of Rs 268.15 and finally closed at Rs 273.65 with. On the BSE too, it fell by Rs 137.85 from a high of Rs 405 to a low of Rs 268.15 in the intra-day trading.

More than 1.29 crore shares changed hands on the BSE.

''The growth in circulation was going to be limited in future with the group already enjoying a high circulation number and further increase in circulation could come only where advertisers want,'' Jagran Prakashan CMD Mahendra Mohan Gupta said.

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