Shares in a spin-off from engineeering group Siemens, Osram Licht AG, fell as much as 2.4 per cent on their stock market debut yesterday, as some investors sought an exit following the lighting company's spin-off from Siemens. Having opened at €24.00, giving the company a market value of about €2.5 billion, shares in the company fell to a low of €22.99.

"That is just a snapshot," Osram finance chief Klaus Patzak said. "The share price and the valuation will settle over the coming weeks."

Yesterday’s share price decline had been on the cards as mutual funds whose investment guidelines limit them to blue-chip stocks in Germany’s DAX index have to sell their stock. Osram had said last month in its listing prospectus that its listing could be accompanied by “considerable selling pressure”. – (Reuters)