Osram Licht AG fell as much as 4 percent as the former lighting unit of Siemens AG, Europe’s biggest engineering company, began trading following a spinoff.

The stock declined to as low as 23 euros after opening at 24 euros and was trading at 23.66 euros at 9:55 a.m. in Frankfurt, valuing the company at 2.48 billion euros ($3.18 billion).

Siemens has separated from Osram, which it had valued at 3.23 billion euros, as it seeks to divest units with low profitability or growth prospects. The Munich-based company scrapped a planned initial public offering of the business last year and instead decided investors will receive one Osram share for every 10 Siemens shares they own.

Profit at Osram in the three months through March more than doubled to 57 million euros from 25 million euros a year earlier, Siemens said in May. Osram will shut or sell six plants for a total of 11 divested by the end of 2014 as it targets 1 billion euros in savings by 2015.