Shares of SBI Cards and Payment Services made a weak debut at the bourses on Monday, plunging nearly 13 per cent, against its issue price of Rs 755. (Photo Credit: File Photo)
SBI Cards - one of the most-awaited IPOs of 2020- made an underwhelming debut on Dalal Street on Monday. With coronavirus impacting the markets worldwide, the Sensex remained in bear hug as it opened in red on Monday. Plunging around 1,600 points in morning trade, the markets have not been able to pare the losses. At time of publishing this story, the Sensex was trading at 32,234.43 shedding around 1,900 points. The weak sentiments in the market had a direct impact on the listing of the SBI Cards IPO. The SBI Cards listed 12 per cent lower against its issue price. Shares of SBI Cards and Payment Services made a weak debut at the bourses on Monday, plunging nearly 13 per cent, against its issue price of Rs 755.The scrip listed at Rs 658, dropping 12.84 per cent from the issue price on the BSE.
The broader Nifty50 index hovered around 9,500 levels. All the Nifty sectoral indices were trading in the red with Nifty Bank, Nifty Private Bank, and Nifty PSU Bank indexes taking the deepest cuts.
In the early session on Friday, the BSE sensex plummeted 3,000 points hitting its 10 percent lower circuit limit at 29,687.52. Nifty also hit its lower circuit at 8,624.05, down by 10 percent or 966.10 points. The trading was halted for 45 minutes following the market bloodbath. On the global front, the Asian markets also nosedived as panic around coronavirus further dented the investor sentiment. Wall Street also tanked on Thursday after US president announced a travel ban for all European countries except Britain in the wake of coronavirus outbreak.