Shares of Abans Holdings closed at the day’s low on December 23, disappointing investors in their debut. The strong selling in the secondary market and the tepid subscription of the company’s new shares put pressure on its listing performance.

The stock opened at Rs 273 (also the day’s highest price) against an issue price of Rs 270 before plummeting immediately and staying low for almost the entire session.

The stock hit an intraday low of Rs 218.40 in the afternoon and held there till the close. The NSE fell 20%, while the BSE closed 20% lower at Rs 216.

In terms of volume, Abans Group’s financial services arm traded 136,000 shares on the BSE and 17.12 lakh shares on the NSE.

Overall, equities were entirely in a bear trap on Friday, with the Nifty50 down more than 300 points and the BSE Sensex nearly 1,000 points lower.

Abans Holdings has raised around Rs 345 crore in its initial public offering. The price range for the offer is Rs 256 to Rs 270 per share.

Founded in 2009, the company provides corporates, institutions and high-net-worth individuals with NBFC services, global institutional trading of equities, commodities and foreign exchange, private client stockbroking, depository services, asset management services, investment advisory services and wealth management services.