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MUMBAI (Reuters) - 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)
(Reporting by Devidutta Tripathy and Swati BhatEditing by Christopher Cushing)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)