Adani Power, which raised $630m in one of the biggest initial public offerings in India in the past 18 months, made a disappointing market debut on the Bombay Stock Exchange on Thursday, with shares in the power generation group falling below the offer price at one stage.

The group, which delayed its share sale last year following the global stock market rout, is testing the water for Indian IPOs after the market all but dried up amid the global economic downturn. Adani’s shares, which fell as low as Rs98.50 against an offer price of Rs100, eventually closed virtually flat at Rs100.5. The Bombay Stock Exchange’s benchmark Sensex finished up 1.4 per cent.