(April 19): Shares of India’s biggest homebuilder Macrotech Developers Ltd. fell as much as 13% in their long-awaited market debut on Monday.

Shares of the Mumbai-based company, formerly known as Lodha Developers Ltd., dropped to as low as 421.15 rupees (US$5.6), compared with the initial public offering price of 486 rupees. The benchmark S&P BSE Sensex gauge was 2.6% lower in early trading as daily Covid-19 infections in the nation continued to top previous highs.