Reliance Power, which made India's biggest-ever initial public offering of $3 billion last month, fell more than 13 percent after debuting at its IPO price 450 rupees on Monday.
Analysts had initially expected the share price to double at opening but stock market turbulence has lowered investor risk appetite and analysts then said a start of 75-150 rupees higher than the IPO price was more realistic.
The utility, part of the Anil Dhirubhai Ambani Group, sold out within a minute of its IPO opening in January. The offer was subscribed 73 times, raising hopes the shares would make a big splash on listing.
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