Groupe Canal+ shares fell sharply on their first day of trading on the London Stock Exchange on Monday in another major blow the U.K. government’s push to restore investors confidence in Britain’s 223-year-old stock market.

Shares of CANAL+, the French-owned film and TV production giant behind the popular Paddington movies, debuted on the London Stock Exchange today. While shares fell almost 16% after their debut, the listing marks a rare bright spot in an otherwise bleak year for London’s IPO market,

CANAL+ is London first’ and only £1 billion plus flotation in an otherwise lacklustre year for the City’s IPO market

The FTSE 100 equipment rental company said moving its primary listing to the U.S. increase it exposure to investors and allow for its inclusion in “premier U.S. equity indices.”

Canal+ has suffered a disappointing debut on the London Stock Exchange with the French film production firm's shares plummeting on their first day of trading.