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Garden Reach Shipbuilders falls nearly 13 percent on market debut

A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, November 9, 2016. REUTERS/Danish Siddiqui

MUMBAI (Reuters) - Shares of India's Garden Reach Shipbuilders and Engineers Ltd fell on their market debut on Wednesday after the company raised 3.4 billion rupees ($45.81 million) at its initial public offering earlier this month.

The company's stock dropped as much as 12.9 percent to 102.80 rupees in early trade, but later rose to 107 rupees, or down 9.32 percent, at 0432 GMT versus its issue price of 118 rupees.

The broader Nifty index was up 1 percent.

The IPO of the state-owned shipbuilders was covered 1.02 times at its close.

($1 = 74.2175 Indian rupees)

(Reporting by Swati Bhat; Editing by Rashmi Aich)