India's Garden Reach Shipbuilders and Engineers saw its shares drop 12% on the first day of trading since its IPO.
The stock was down at INR 104 ($1.40) on the Bombay Stock Exchange, while the upper end of its issue price was INR 118.
On the National Stock Exchange, the stock listed at INR 102.50.
The IPO met with what Indian media described as a "tepid" response last month.
