SBI Cards makes weak debut at bourses; plunges nearly 13% against issue price of Rs 755
The SBI scrip listed at Rs 658, dropping 12.84 percent from the issue price on the BSE.
New Delhi: Shares of SBI Cards and Payment Services made a weak debut at the bourses on Monday, plunging nearly 13 percent, against its issue price of Rs 755.
— CNBC-TV18 (@CNBCTV18Live) March 16, 2020
The scrip listed at Rs 658, dropping 12.84 percent from the issue price on the BSE.
On the NSE, it slumped 12.45 percent after opening to Rs 661.
The company's market valuation stood at Rs 69,811.44 crore on the BSE.
The drop in the company's scrip was in line with a weak broader market sentiment, where the BSE benchmark was trading over 2,000 points lower.
In traded volume terms, 17.65 lakh shares were traded on the BSE and 2.6 crore shares on the NSE in early trade.
The initial public offer of SBI Cards and Payment Services was subscribed over 22 times earlier this month.
Price range for the IPO was fixed at Rs 750-755 per share.
Kotak Mahindra Capital Company, Axis Capital, DSP Merrill Lynch, HSBC Securities and Capital Markets (India), Nomura Financial Advisory and Securities (India) and SBI Capital Markets were the managers to the offer.
BSE Midcap and Smallcap indices fell between 0.6 and 0.8 percent. India VIX ended marginally lower. Oil and gas, pharma and consumer durables fell over 2 percent.
BSE Midcap fell over 1 percent while BSE Smallcap declined almost 3 percent. India VIX slid to 22.41 levels. Metal slid almost 4 percent, while FMCG was the biggest gainer
Metal was the biggest drag while auto was the top gainer. BSE Midcap and Smallcap indices rose around 0.5 percent. Bank Nifty inched up 0.08 percent to 33,339.00