Prudent Corporate is third straight IPO to list at discount, shares dip 10%

Weak listings come on the back of a selloff in the secondary market. Nifty has crashed as much as 8% this month before the latest rebound

Shares of Prudent Corporate Advisory Services, a mutual fund distributor, closed 10 per cent below their issue price during their stock market debut on Friday.

Prudent Corporate is the third straight IPO to list at a discount after LIC and Rainbow Children's Medicare. The weak listings are on the back of a selloff in the secondary market. The benchmark Nifty has crashed as much as 8 per cent this month before the latest rebound.

Shares of Prudent Corporate finished at Rs 566.3 compared to issue price of Rs 630 per share. The stock touched a high of Rs 650 and