Coronavirus spoils SBI Cards debut, listing at far below issue price



New Delhi, Business NEWS. Uncertainties related to coronaviruses affected the stock market's rollout on the much-awaited SBI Cards listing and the company's shares were listed well below the issue price. According to the news agency PTI report, the company's shares on BSE opened 12.84% below the issue price i.e. Rs 658. At the same time, the company's shares opened at Rs 661, down 12.45% on the NSE. The 10,000 crore IPO of SBI Cards and Payment Services Ltd received more than 22 times the subscription. SBI Cards is the first credit card company to be listed on the stock market. The listing of the company's shares took place at a time when there is an atmosphere of turmoil caused by coronavirus worldwide. 

There was tremendous enthusiasm in investors

Investors had shown tremendous interest in this IPO, given the track record of SBI Cards' parent company SBI and the strong presence of SBI Cards in the credit card market. However, with the closure of the IPO for subscription, circumstances turned such that investors were expecting a significant premium on the company's stock. While Coronavirus caused unprecedented decline in the stock markets worldwide, the Yes Bank crisis further aggravated the crisis in the domestic stock markets.

After the listing on Monday, the price of one share of the company rose sharply and went up to Rs 753. However, due to heavy selling in the meantime, the prices of the company's shares are once again falling and the price of one share of the company has come to around Rs 728 at 10:30 am.

No need to panic according to analysts

According to Rahul Agarwal, director of stock broking company Wealth Discovery, there is an upheaval in the stock market right now, but investors need not panic. According to Rahul, investors can hold shares of SBI Cards as the company's record is very clean, so investors should show patience.

Source URL: 

Location: India

Comments

Post a Comment

Popular posts from this blog

Rapid City Cremation Services and Funeral Homes

Image
  A great deal of sadness and grief are experienced when a loved one passes away. In Rapid City, South Dakota, families undertaking this challenging path are lucky to have access to reputable cremation services and funeral homes. These kind organizations act as pillars of support, assisting bereaved families in making fitting memorial arrangements to celebrate the lives of their loved ones. Rapid City's cremation services and funeral homes provide a variety of services that are tailored to each client's requirements and cultural preferences, offering consolation and comfort during these challenging times. Understanding the Significance of Cremation Services In recent years, cremation has significantly increased in popularity as an alternative to conventional burial. It appeals to many families due to its adaptability, affordability, and environmental considerations. Rapid City's cremation services are aware of the value of offering choices that satisfy a range of requi
Read more

Your pathway to success: Top immigration agents in Delhi

Image
  Are you planning to immigrate to another country? Then you need the guidance and expertise of the Best immigration Agents In Delhi . These professionals have extensive knowledge of immigration laws and will ensure a smooth and hassle-free process for you. They will help you with documentation, application submission and interview preparation, increasing your chances of success. What makes a good immigration service? An expert team and their dedication help create a good immigration service. Good service is made by the trust in their clients who have adhered to the work diligently without losing hope and loyalty towards customers. It takes some time to develop that confidence and faith in one's work and service. It cannot be achieved in a day or two. A good immigration service is essential for individuals and families seeking to navigate the complex and often challenging process of relocating to a new county. Choosing the best immigration service significantly impacts the su
Read more