Mumbai: Shares of SBI Cards and Payments Services made a weak debut on the stock exchanges on Monday as it opened at Rs 658, nearly 13 per cent lower than its issue price of Rs 755. Also Read - Nirmala Sitharaman Snubs SBI Chairman: Purported Audio Clip Gets Leaked
However, by afternoon, its shares pared some losses and is currently 7 per cent lower than the issue price on the BSE. Also Read - Yes Bank Crisis: Cabinet Approves Bailout Plan, SBI to Invest up to 49% Equity
At 2.42 PM, SBI Cards shares were trading at Rs 696.60, lower by Rs 58.10 or 7.70 per cent from its issue price. Also Read - SBI Gets Approval to Invest Rs 7,250 Crore in Crisis-hit Yes Bank
It was Rs 38.90 or 5.91 per cent higher than its opening price of Rs 658.
The listing of the credit card service provider at a discount was largely anticipated by the market on the overall gloomy investor sentiments and bear run in the stock markets in the wake of the coronavirus crisis.
The BSE Sensex erased all its gains made its previous trade session, and on Monday after it plunged over 2,500 points.
At 2.42 PM, Sensex was trading at 31,683.57, lower by 2,419.91 points or 7.10 per cent from the previous close of 34,103.48.
The Nifty50 on the National Stock Exchange was at 9,284.95, lower by Rs 710.80 or 7.14 per cent from its previous close.