New Delhi, Mar 19 (PTI) The stock of Popular Vehicles and Services Ltd made a weak market debut on Tuesday, listing with a discount of nearly 2 per cent, from the issue price of Rs 295.

Shares of the company started the day at Rs 292, down 1 per cent from the issue price on the BSE. Later, the stock tumbled 10.88 per cent to Rs 262.90.

Also Read | Martyrs’ Day Dates in India: Bhagat Singh Death Anniversary, Mahatma Gandhi Punyatithi and List of Other Recognised Shaheed Diwas Dates in the Country.

On the NSE, it listed at Rs 289.20, registering a decline of 1.96 per cent.

The company commanded a market valuation of Rs 1,928.05 crore.

Also Read | Bihar Day 2024 Date and Significance: Know About Bihar Sthapana Diwas History and Celebrations That Take Place To Honour the Formation of the State.

The Initial Public Offer (IPO) of Popular Vehicles and Services received 1.23 times subscription on the closing day of bidding on Thursday.

The Rs 601.55-crore IPO had a fresh issue of up to Rs 250 crore and an offer for sale of up to 1,19,17,075 equity shares.

The IPO had a price range of Rs 280-295 a share.

Popular Vehicles and Services is a leading diversified automotive dealership in the country with a presence across the automotive retail value chain, including the sale of new passenger and commercial vehicles, services and repairs, spare parts distribution, sale of pre-owned passenger vehicles, and facilitation of the sale of third-party financial and insurance products.

It operates passenger vehicle dealerships of Maruti Suzuki, Honda, and JLR and the commercial vehicle dealership of Tata Motors.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)