March 28, 2018 / 4:46 AM / 6 months ago

India's Hindustan Aeronautics shares fall 5 pct on market debut

MUMBAI, March 28 (Reuters) - Shares of India’s Hindustan Aeronautics Ltd dropped over 5 percent in early trade on their market debut on Wednesday after the government-owned company’s initial public offering raised 41.13 billion rupees ($633.35 million) last week.

At 0440 GMT, shares in the company were trading down 4.03 percent at 1,166 rupees after dropping to a low of 1,150 rupees in initial trades.

The IPO had received a tepid response from investors who subscribed for just 99 percent of the shares on offer, data showed. ($1 = 64.9400 Indian rupees) (Reporting by Swati Bhat; Editing by Subhranshu Sahu)

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