Coal India's arm CMPDIL shares drop over 10% in debut trade

New Delhi: Shares of Central Mine Planning & Design Institute Ltd (CMPDIL), an arm of state-owned Coal India, on Monday ended with a discount of over 10 percent against the issue price of Rs 172.

The stock started trading at Rs 162.80, down 5.34 percent from the issue price on the BSE. During the day, it plunged 11.45 percent to Rs 152.30. Shares of the firm later ended at Rs 154.05, down 10.43 percent.

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At the NSE, the stock listed at Rs 160, registering a discount of 6.97 percent. It finally ended at Rs 154.06, a decline of 10.43 percent.

The company's market valuation stood at Rs 10,999.17 crore.

The initial public offering (IPO) of Central Mine Planning & Design Institute Ltd got fully subscribed on the closing day of bidding on Tuesday last week.

The Rs 1,842-crore IPO had a price band of Rs 163-172 per share.

The issue was entirely an offer for sale (OFS) of 10.71 crore shares, worth Rs 1,842.12 crore at the upper end, by Coal India, with no fresh issue component.

CMPDIL was incorporated in 1975 as a wholly owned subsidiary of Coal India.

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It offers consultancy and support services for the entire spectrum of coal and mineral exploration, as well as mine planning and design services.

Its services also include infrastructure engineering, environmental management, geomatics, specialised technology services, and management systems, primarily for the coal industry and other minerals.

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