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Those who had invested in New India Assurance Co expecting listing gains could have burnt their fingers, as the shares made a disappointing listing.
Shares of New India Assurance opened at ₹748.90 on the BSE, 6.4 per cent below the issue price of ₹800, and fell further to close at ₹725.05, down 9.37 per cent. During the day, the stock touched a high ₹749 and a low of ₹717.75.
On the NSE, the stock closed at ₹727.10.
About 25.39 lakh shares were traded on the NSE, of which just 4.7 lakh shares (18.5 per cent) were up for delivery, signalling lack of investor interest in the stock.
The State-owned general insurer’s initial public offering was subscribed 1.19 times. The insurance major sold 12 crore shares, of which 2.4 crore shares were a fresh issue and 9.6 crore shares an offer-for-sale (OFS). The total issue constitute 14.56 per cent of the post offer paid-up share capital of the company.
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