New India Assurance shares fall on trading debut after $1.5 billion IPO
State-run New India Assurance Co Ltd`s
Analysts had expected a weak opening for the top Indian non-life insurer as demand for the issue was only 1.2 times the number of shares on offer, indicating relatively low interest in what has been a record year for IPOs in the country.
By 0430 GMT, New India Assurance shares were trading down 9.4 percent at 724.85 rupees compared with an IPO issue price of 800 rupees. The benchmark Nifty 50 share price index <.nsei> was down 0.3 percent.($1 = 65.2850 Indian rupees)
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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