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The blue-chip CSI300 index was down 2.34%, its biggest drop since May 6, with its financial sector sub-index lower by 1.49%, the consumer staples sector down 1.45%, the real estate index down 0.27% and the healthcare sub-index down 3.7%

Market experts have a mixed opinion on the counter. While few suggest investors to hold the stock for the long term, others are recommending to book profits on a better-than-expected listing.

Kotak Mahindra Bank Ltd., incorporated in the year 1985, is a banking company (having a market cap of Rs 373314.88 Crore).

The Relative Strength Index of the stock stood at 51.33 on Tuesday.

The quota for retail bidders was subscribed 1.88 times, whereas the allocation for non-institutional bidders was subscribed merely 20 per cent. The qualified institutional buyers made bids for 47 per cent of the quota allocated to them.

“Jubilant Ingrevia has corrected quite a lot and is expanding into a higher margin chemical business. It trades at far lower multiples than what the rest of other chemical companies. The second one is Ashok Leyland. CV sales are on the verge of taking off. Also the stock is inexpensive for its volume outlook. The third is Tata Motors.”

The issue, which kicked off earlier today, will remain open till Thursday, May 26. The company is selling its shares in the range of Rs 610-642 apiece to raise Rs 808 crore through the primary route.According to the data from BSE, the investors made bids for 9,84,952 equity shares or 11 per cent as of 11.30 am compared to 93,56,193 equity shares on offer.

A total of 613,263 shares changed hands on the counter till 12:43PM (IST)

It would also be utilised for joint ventures and affiliates, including investment in subsidiaries, joint ventures and affiliates, for repayment of debt, towards strengthening the balance sheet of the company and for any other general corporate purposes

Overall, the company plans to raise little more than Rs 808 crore through the primary route. However, the size of the fresh equity block has been trimmed from Rs 757 crore earlier, following its pre-IPO placement plans. The issue consists of the issuance of fresh equity shares of Rs 627 crore and offer for sale (OFS) of up to 28.2 lakh equity shares by existing shareholders and promoters aggregating to Rs 181.04 crore.