SBI Life shares slip below IPO price

Shares of newly-listed SBI Life

Insurance Company today fell by over 1 per cent to settle

below its issue price Rs 700.

The stock ended at Rs 692.50, down 1.37 per cent from its

previous close on BSE. During the day, it slipped 2.43 per

cent to Rs 685.

At NSE, shares of the company fell by 1.29 per cent to

end at Rs 694.55.

In terms of equity volume, 2.68 lakh shares of the

company were traded on BSE and over 26 lakh shares changed

hands at NSE during the day.

In its trading debut on Tuesday, SBI Life Insurance

Company had settled at Rs 708, a premium of just 1.14 per cent

over the issue price on BSE.

SBI Life is a joint venture between India's largest

lender State Bank of India (SBI) and BNP Paribas Cardif

(BNPPC), the insurance holding company of France.

The company's Rs 8,400-crore initial public offer (IPO),

from September 20-22, was oversubscribed 3.58 times.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)