Shares of Majesco Limited, the demerged insurance company of Mastek, hit the 5 per cent upper circuit limit of Rs 331.80 in its stock market debut.
Majesco Limited opened at Rs 316 and at its day's low hit Rs 305 on the NSE.
On BSE, Majesco shares were locked in the upper circuit band of 5 per cent, giving it a valuation of Rs 742.56 crore.
Under a corporate restructuring, IT services company Mastek had hived off its insurance products and services business into Majesco. Mastek will hold the solutions business. Mastek shareholders got one share of the demerged insurance venture Majesco for every one share of Mastek.
Mastek shares ended 5 per cent lower at Rs 202, after rallying nearly 24 per cent in the past two sessions ahead of Majesco's listing. In comparison, Nifty ended 0.35 per cent higher.
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