Nitesh Estates slips 5% on debut

Nitesh Estates Ltd, Bangalore-based real estate developer, had a dismal listing on the bourses yesterday.


The stock of Nitesh Estates of Rs10 face value listed at the issue price of Rs54 on the NSE and at Rs50 on the BSE.

The scrip touched a high of Rs58 on the NSE in the intra-day trade but failed to sustain the gains, and subsequently dropped to an intra-day low of Rs48.40.

The stock closed at Rs51.40 on the NSE, a decline of 5.19 per cent over the issue price. On the BSE too, Nitesh shares closed with a fall of over 5 per cent at Rs50.95.

The fall over the issue price was in contrast to 2.5 per cent gain in the BSE Realty Index.


The scrip clocked a combined turnover of Rs195.54-crore on the NSE and BSE.