Shares of Aditya Birla Capital tank 5% after listing

Shares of Aditya Birla Capital on Friday got listed at Rs 250 on NSE.
At 10.56 am, the scrip had tanked 5 per cent from its listing price to Rs 237.50.
A subsidiary of Grasim Industries, Aditya Birla Capital is the holding company of the financial services businesses of the Aditya Birla Group.
Ahead of the listing, the company in an official statement had said is the culmination of the composite scheme of arrangement under which AdityaBirla Nuvo was merged with Grasim Industries and the financial services undertaking was subsequently demerged into AdityaBirlaCapital.
The listing has been carried out without an IPO
AdityaBirlaCapital, earlier known as AdityaBirla Financial Services, is the holding company of the financial services businesses of the group.
The company has a significant presence across several business sectors including NBFC, asset management, life insurance, health insurance and wellness, housing finance, private equity, general insurance broking, wealth management, broking, online personal finance management, and pension fund management.
The company manages assets worth Rs 2,46,300 crore and had over 12,000 employees as of March 31, 2017.