Essar Petroleum is the latest in a long line of petrochemicals to go public this year
Essar is an industrial gasification company.
It is a member of the Petrochemical Industry Council.
Essar has a significant presence in the oil and gas sector.
The company’s stock is up a bit on Friday but not by enough to offset the losses from its stock market listing.
The share price is down almost $5 since Wednesday.
This is the third time this year that the stock has lost money.
The first was in November and the second was last March.
This time the company’s market cap has been slashed by $100 million.
This week the stock was trading for $9.80 a share.
The stock is down more than 10% this year.
In 2016, Essar posted net losses of $5.5 billion, the largest among the 30 largest publicly traded companies in the country.
Essars shares were down 8% at $10.55 on Friday.
The shares have fallen by more than 50% since the beginning of the year.