SBI Cards slips 13%, hits new low; stock down 32% from issue price

Post listing, mutual funds have increased their stake in SBI Cards to 3.04 per cent from 1.6 per cent

Shares of SBI Cards and Payment Services slipped 13 per cent to Rs 516 on the BSE on Monday amid the buzz of lockdown being extended beyond April 14.

The non-banking finance company's stock was trading at its lowest level since listing on March 16, 2020. With today’s fall, the stock has now fallen 32 per cent below its issue price of Rs 755 per share. SBI Cards saw a weak debut due to prevailing market condition as the uncertainty regarding the effect of the coronavirus epidemic kept investor sentiment in check.

SBI Cards is the second largest