Coronavirus scare: SBI Cards drops 10% on debut, HNIs lose Rs 200 per share

Shares of SBI Cards and Payment Services closed 10 per cent below their issue price, with the secondary market crash taking a toll on investor sentiment. Shares of the country’s biggest pure-play credit card company ended at Rs 678, down Rs 77, or 10.2 per cent, over the IPO price of Rs 755.

The weak trading debut contrasted the stellar demand seen during SBI Cards’ Rs 10,300-crore IPO earlier this month. The share sale was subscribed 26 times, generating bids worth a record Rs 2 trillion, underpinned by the expectations of a surge on the listing day.

The coronavirus scare