Essar Shipping has dropped about 30% on its first day as a stand alone, Bombay stock exchange listed company.

The shares were initially traded at INR 41 early today but rapidly fell to about the INR 29 level.

Stock exchange graphs showed the share opening at INR 95 but this reflected the pre-demerger price of Essar Shipping Ports & Logistics.

There was a three for one share split with investors receiving two shares in Essar Ports and one share in Essar Shipping for each share held in Essar Shipping Ports & Logistics

Essar Shipping has a diversified fleet of 26 ships including VLCCs of over 300,000-dwt, capesizes of up to 175,000-dwt as well as anchor handlers and tugs.

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