Of the 78 companies that launched their IPOs in FY25, shares of 34 ended the financial year below their issue price, Moneycontrol reported. Godavari Biorefineries led the fall with a 58% drop, followed by Carraro India and Western Carriers India. Ola Electric Mobility, Saraswati Saree Depot and Tolins Tyres are also among those trading below their issue prices.