The shares of Tara Jewels, which made debut at Rs 242, are now trading below the issue price as investors sought to exit the stock after recommendations from brokers. lkkkkThe stock had listed on the market at Rs 242, which is a premium of 5 per cent to the issue price of Rs 230 per share.

The shares, which have a face value of Rs 10 each, were trading down 0.04 per cent below at Rs 229.90 this afternoon on the National Stock Exchange (NSE). The shares touched a high of Rs 242 and a low of Rs 229.90 in trade today yet. Some brokerages had suggested against subscribing to the company's Initial Public Offering (IPO) citing higher valuation compared to other similar such as Gitanjali Gems.

Rajeev Seth, CMD, Tara Jewels has said that the funds raised will be used to pay off about Rs 50 crore debt on the pay company. The company is planning to expand its retail store network and might also co-brand jewellery with international clients like Walmart.

The company generates about 80 per cent of its revenues from exporting to foreign markets including the US, UK, South Africa and Europe.