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At 9.40 am, the BSE Sensex was trading over 600 points or 1 per cent lower at 58,506.97 Nifty50 was trading at 17,478.25, down 150 points or 1 per cent.

The stock quoted a 52-week high price of Rs 1696.15 and low of Rs 1002.5.

The Hyderabad-based fashion company imported its machinery from South Korea and Italy for research and development (R&D) and is on an expansion spree and looking for both organic and inorganic growth opportunities, particularly in other developing countries, including the Indian subcontinent and Africa.

The partially convertible rupee closed at 80.99 per dollar, against a previous close of 80.86. It fell to a low of 81.2250 during the session before the Reserve Bank of India likely intervened, traders at state-run banks told Reuters.

The 30-share Sensex declined 1020.80 points to end at 58,098.92. Its broader peer, Nifty50, ended at 17,327.35, down 302.45 points. Power Grid was the top loser from the 30-share pack, falling 7.93 per cent to Rs 202.60.

The Nifty Pharma index closed 0.02 per cent down at 12610.65.

"The outsourced collection predominantly is prevalent in the bottom of the pyramid customer segment. This is in the second hand vehicle business, truck business or second hand truck financing business, gold loan company, microfinance company. NBFCs which are in the semi-formal and formal segment, wherein the customer is aware that timely repayment of his loan is important for the credit profile of his business, does not face this problem.”

The Rs 755-crore IPO comprises issuance of fresh equity shares worth Rs 455 crore, whereas existing shareholders and promoters will offload Rs 300 crore from the stake via offer for sale (OFS). The price band for the share sale has been fixed at Rs 314-330 apiece.

“We are more focussed on increasing the base which makes the sellers successful. So for us, the benchmark of success for a Great India Festival is about new customers, more Prime customers and number of sellers who are successful. The first 24 hours look very promising on all three trends.”

Iyer’s new role is a testimony to her two-decade journey at Kotak Group. As CIO- Fixed Income and Head, Products, she contributed immensely to the growth and business journey of Kotak Mahindra Asset Management (KMAMC), the company said.