New Delhi, Sep 30 (PTI) Shares of Jaro Institute of Technology Management and Research Ltd (Jaro Education) made a disappointing market debut on Tuesday and ended the day over 16 per cent lower against the issue price of Rs 890.

On both the BSE and the NSE, the stock was listed at par with an issue price of Rs 890.

Later in the trade, the stock tanked 19.32 per cent to Rs 718 on the BSE. It ended at Rs 745.05 apiece, recording a sharp fall of 16.28 per cent.

On the NSE, the stock ended at Rs 744.25, a discount of 16.37 per cent.

The company's market valuation stood at Rs 1,650.75 crore.

The initial public offering (IPO) of Jaro Education garnered 22.06 times subscription on the closing day of bidding on Thursday last week.

The Rs 450-crore IPO had a price band of Rs 846-890 per share

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