Hindustan Aeronautics shares fall 5 percent on market debut

MUMBAI (Reuters) - Shares of 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 rupees)