MUMBAI, (Reuters) – Emaar MGF Land, which planned to raise up to $1.8 billion in an initial public offering on the Indian stock market, has cut the offer price because of volatility, two sources close to the situation said.

“We are refixing the price,” said a banker who is advising Emaar MGF, an Indian joint venture of Dubai’s Emaar Properties EMAR.DU.

Another banking source said the price band, initially 610 rupees to 690 rupees ($15.50 to $17.50) per equity share, would be reduced to 540 rupees to 630 rupees.

A company spokeswoman was unable to comment immediately.