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Ortel tumbles on Day 1 of listing; hits lower circuit on BSE

MUMBAI: Shares of Odisha-based MSO Ortel Communication’s tumbled on the debut day of listing.

On the Bombay Stock Exchange (BSE), the scrip opened at the lower end of its IPO price of Rs 181 and hit the lower circuit of Rs 171.95 during early hours of trade. The total traded quantity on Day 1 on the BSE was 2,964.

On the National Stock Exchange (NSE), the scrip opened at a discount of 11.6 per cent at Rs 160.05 apiece. During the day, it touched an intraday high of Rs 168.05 and closed at Rs 162.25 per share.

On the NSE, the order book had buy quantity orders for 11,591 shares and sell orders for 777 shares.

Ortel had raised Rs 175 crore (Rs 1.75 billion) from the IPO at the lower end of the price band of Rs 181–200 per share. The IPO, which originally constituted 12 million shares—six million fresh equity and six million offer for sale from New Silk Route (NSR)—was cut down in size to 9.67 million shares.

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Ortel Communications to list on 19 March