PNC Infratech lists at premium but gives up gains soon after

Shares of PNC Infratech today listed with a premium of over 2% against the issue price of Rs 378 a share. 

The stock debuted at Rs 381, up 0.79%, on BSE. On NSE, PNC Infratech listed at Rs 387, a gain of 2.38%.

However, later, the stock succumbed to selling pressure and was trading at Rs 373.65, down 1.15%. Currently, the company commands a market valuation of Rs 1,911.22 crore. 

In terms of volume, 6.66 lakh shares of the company changed hands at BSE while over 24 lakh shares were traded at NSE in the morning trade. 

The initial public offer (IPO) of the Agra-based company was subscribed 1.54 times earlier this month. The company runs projects in Rajasthan, Punjab, Haryana,Uttarakhand, Uttar Pradesh, Delhi, Bihar, West Bengal, Assam,
Madhya Pradesh, Maharashtra, Karnataka and Tamil Nadu. 

In the stock market, the BSE benchmark Sensex was trading at 27,583.12, down 58.33 points.