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Divgi TorqTransfer Systems stock made its market debut with a 5 per cent premium on Tuesday against the issue price of Rs 590.

The stock made its debut at Rs 620, up 5.08 per cent from the issue price on the NSE.

On the BSE, it opened at Rs 600, a premium of 1.69 per cent.

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As the trade progressed, the stock pared its early gains and declined 3.39 per cent to trade at Rs 570 apiece on the NSE and 3.32 per cent at Rs 570.40 on the BSE, respectively.

In early trade, both the Sensex and the broader Nifty indices were trading in the red.

The Initial Public Offering (IPO) of Divgi TorqTransfer Systems was subscribed 5.44 times on the final day on March 3.

The offer had a fresh issue aggregating up to Rs 180 crore and an offer for sale of up to 39.34 lakh equity shares.

Its price range was fixed at Rs 560-590 per share.

The Pune-based firm is an automotive component entity which has the capability to develop and provide system level transfer case, torque coupler, and Dual Clutch Automatic Transmission (DCT) solutions. PTI HG HVA