Carraro India Faces Tough Market Debut with Nearly 10% Drop

Carraro India faced a challenging market debut as its shares fell by nearly 10%, closing at Rs 636 on both BSE and NSE. The IPO, priced between Rs 668-704, was an Offer-for-Sale of Rs 1,250 crore. The company specializes in axles and transmission systems for OEMs.

In a challenging market debut, shares of Carraro India Ltd ended nearly 10% lower from its issue price of Rs 704, concluding at Rs 636.30 on BSE and Rs 636.20 on NSE. The company's IPO received a lukewarm response, being subscribed only 1.12 times.

The stock opened at Rs 660 on BSE, a 6.25% discount, and at Rs 651 on NSE, declining over 9% throughout the day. Carraro's IPO was a complete Offer-for-Sale of Rs 1,250 crore, with no fresh issues, by Carraro International SE.

Established in 1997, Carraro India is a key player manufacturing axles and transmission systems for agriculture and construction sectors, catering to major OEMs. Operating from Pune, it leverages advanced technologies to maintain its market position.

(With inputs from agencies.)