Shares of Macrotech Developers, also known as Lodha Developers, fell as much as 13 per cent on their stock market debut on Monday, before recouping half of the losses and settling at Rs 458, down Rs 28 or 5.8 per cent. It touched a low of Rs 423 and a high of Rs 478 on the NSE, where Rs 20,484 crore worth of shares changed hands. The poor listing comes amid weakness in the secondary market because of the rise in Covid-19 infections and lockdown measures imposed in key states. Since Lodha’s Rs 2,500-crore IPO closed on April 9, the Sensex has declined by 3.3 per cent. Also, the investor response to Lodha’s IPO was lukewarm with the issue garnering just 1.4 times subscription. The retail and employee portion of the issue had managed to garner just 40 per cent and 17 per cent subscription, respectively.