India's Aavas Financiers falls 13.5 pct on mkt debut after $235 mln IPO

Aavas Financiers

08/10/2018 05:43

MUMBAI, Oct 8 (Reuters) - Shares of Aavas Financiers Ltd
 AVAS.NS  dropped as much as 13.5 percent in early trade on
their market debut after the mortgage lender raised 17.34
billion rupees ($235 million) from its initial public offering
in late September.
    The stock was trading at 722.00 rupees, down 12.06 percent,
at 0434 GMT.
    The IPO was subscribed 0.9 times at close amid fears of
non-banking financial companies facing a credit crunch.
 urn:newsml:reuters.com:*:nL4N1WD2BQ
    The company provides housing loan to customers belonging to
low- and middle-income segment in semi-urban and rural areas.

 (Reporting by Swati Bhat)
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