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.

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