Aug 09, 2011 (LBO) - Sri Lanka's Textured Jersey Lanka, a knitwear maker catering to the export apparel industry fell below its initial offer price of 15.00 rupees Tuesday, as the overall market also weakened.
Textured Jersey opened at 15.00 rupees, fell as low as 13.50 and moved higher.
The firm's stock is backed by stronger earnings per share than some recent IPOs, analysts say.
Key Asian stocks also plunged on opening Tuesday following a slump in US markets overnight.
By mid-day Australian stocks were back in positive territory, after falling 5.0 on opening.
source - www.lbo.lk
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