Meanwhile, the S&P BSE Sensex was down 409.73 points or 1.24% at 32,596.54.

Shares of Bharat Dynamics listed at Rs 360 on BSE, a discount of 15.89% to its issue price of Rs 428 per share. The stock had hit a high of Rs 402.80 and a low of Rs 360 in intraday trade. On the BSE, 6.03 lakh shares were traded on the counter.

The initial public offer (IPO) of state-run defence equipment maker Bharat Dynamics that concluded last week saw a subscription of 1.3 times. The price band for the issue was Rs 413 to Rs 428 per share.

Bharat Dynamics reported net profit of Rs 172.59 crore on revenue of Rs 1805.68 crore for the six months ended September 2017.

State-run Bharat Dynamics is a leading defence public sector undertaking company engaged in the manufacture of surface-to-air missiles (SAMs), anti-tank guided missiles (ATGMs), underwater weapons, launchers, countermeasures and test equipment. The company primarily caters to the requirements of the Indian armed forces.