India's SBI Cards slides in debut hobbled by virus panic [Reuters (UK)]
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Source: Reuters
India's SBI Cards slides in debut hobbled by virus panic - Reuters 2 Min Read March 16 (Reuters) - Shares in the credit-card arm of India’s largest lender slid 7.5% in their market debut on Monday, as coronavirus worries dampened enthusiasm for one of the country’s largest public listings in recent times. Shares in SBI Cards and Payment Services Ltd, owned by State Bank of India, opened at 661 rupees ($8.91), a discount of 12.45% to its offer price of 755 rupees. The stock was last trading nearly 7.2% lower at 700 rupees. The underwhelming debut comes as markets worldwide are hammered by the fast-spreading virus, which has wreaked havoc on businesses and supply chains, stoking fears of a global recession. The panic has pushed India’s blue-chip Nifty 50 index down 18.59% in the last three weeks. The index was down a further 5% on Monday. SBI Cards priced its initial public offering at 755 rupees per share - the upper end of its targeted range - aiming to raise $1.4 billion and making i
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