New India Assurance falls 10% on debut

Will take advantage of rapid growth in general insurance space, says chairman Srinivasan

Continuing the trend of weak post-listing performance among insurance companies, shares of The New India Assurance Company dropped 10 per cent during their trading debut on Monday.

The stock closed at Rs 723, compared to the initial public offering (IPO) price of Rs 800. It hit a low of Rs 717.4 and a high of Rs 750 on the National Stock Exchange (NSE). Shares worth Rs 185 crore were traded on the NSE and another Rs 31 crore on the BSE.

Earlier this month, the Rs 9,600-crore IPO had got a  lukewarm response from investors. Shares meant for the retail