(Corrects day of week in first paragraph to Wednesday from Monday)
MUMBAI, April 4 (Reuters) - Shares in India’s ICICI Securities Ltd fell as much as 16.3 percent on their market debut on Wednesday after the company raised a lower than expected 35.14 billion rupees ($541.26 million) at its initial public offering last week.
Shares were trading down 12.5 percent at 455 rupees as of 0433 GMT after earlier dropping to a low of 435 rupees.
Shares in state-run Mishra Dhatu Nigam Ltd were trading at 89 rupees, down 1.11 percent on their market debut, versus an issue price of 90 rupees.
The company, which makes special steels and alloys for sectors such as defence, power and space, had raised 4.33 billion rupees for the government at its initial public offering. ($1 = 64.9225 Indian rupees) (Reporting by Swati Bhat; Editing by Biju Dwarakanath)