Share Market Live

NSE

Tamilnad Mercantile Bank (TMB) shares remained under pressure for a second straight session on Friday, a day after the one of the country's oldest private sector lenders debuted on bourses BSE and NSE. The Tamilnad Mercantile stock fell by as much as Rs 14.5 or 2.8 percent to Rs 494 apiece on BSE, having settled at Rs 508.5 apiece on the listing day.

TMB shares declined to as low as Rs 493.4 apiece on NSE on Friday, down by Rs 16.3 or 3.2 percent from their previous close.

Tamilnad Mercantile Bank's market debut is among the weakest of the year so far. On Thursday, the stock settled at Rs 508.5 and Rs 510 on BSE and NSE respectively, as against its IPO price range of Rs 500-525.

Investors with a long-term horizon may wait for gains given the bullish trend in the Nifty Bank, said Manoj Dalmia, Founder and Director, Proficient Equities.

The sombre debut was in contrast to the trend in the grey market — an unofficial market for unlisted securities — in the past few days, where TMB had commanded a premium to the tune of Rs 5-35.

Learn about what grey market really is

The Tamilnad Mercantile Bank IPO, to raise up to Rs 832 crore, concluded last week with an overall subscription of almost three times with modest demand across investor categories.

The public offer attracted bids for a total of 2.5 crore shares against the 87.1 lakh shares on offer, an overall subscription of 2.9 times, according to exchange data. It was open for subscription from September 5 to September 7.

Ahead of the IPO, Tamilnad Mercantile Bank raised Rs 363.5 crore by allocating 71.3 lakh shares to anchor investors at Rs 510 apiece.

Catch latest market updates with CNBCTV18.com's blog