Fino Payments shares drop 11% intraday on debut, before ending 6% down

Weak debut follows modest response to the firm's share sale. Its Rs 1,200-cr IPO was subscribed just two times

Fino Payments Bank had a disappointing stock market debut with its stock dropping as much as 11 per cent. The company is the first payments bank to list. Its stock recovered some ground to end at Rs 545, down Rs 32, or 6 per cent, over its IPO price of Rs 577. The stock touched a low of Rs 511 and a high of Rs 583 on the NSE where nearly Rs 550 crore worth of shares got traded.

At the last closing price, Fino Payments Bank is valued at Rs 4,537 crore. Its book value per share is about