Z Energy slides on ASX

Z Energy (ZNZ) shares have sunk more than 7% in their debut on the Australian Securities Exchange as the stock moves to account for the exchange rate between Australia and New Zealand.

The company's share price fell 7.14% to $3.25 at 1216 AEST as the stock corrected for the 0.88NZ/AUD exchange rate after a strong performance when it hit the boards in New Zealand hours earlier.

The dual-listing petrol and diesel supplier, which is based and operates in New Zealand, got off to a good start on the New Zealand stock exchange, initially jumping 23c to $3.73 in the $NZ840 million float before settling down at $3.69.

Z Energy's initial public offering was set at $NZ3.50 and was the biggest float in New Zealand since Mighty River Power back in May.

Infratil Ltd and the New Zealand Superannuation Fund sold a combined 60% of Z Energy for the $NZ840 million after buying it for $696.5 million back in 2010. They both retain a 20% stake.