SBI Cards and Payment Services share price slipped the maximum amount as about 16 per cent today to Rs 501.25 apiece on BSE, eroding one-thirds of the investors’ wealth from its IPO price of Rs 755.
Almost a month ago, SBI Cards and Payment Services got a bumper response to its IPO, but saw a depressed listing at just Rs 658, as coronavirus knocked the wind out of the share markets between the company’s IPO and listing.
SBI Cards shares’ weak stock market debut on March 16 dashed investors’ hopes against most brokerage recommendations to purchase the IPO on the hopes of bumper listing.
At closing, SBI Cards and Payment Services share price settled 15 per cent down at Rs 505.60 apiece on BSE during a weak market.
SBI Cards and Payment Services share price has tumbled 24 per cent in less than a month from its listing price.
The performance of SBI Cards has been largely affected by the lockdown in order to contain the spread of the deadly coronavirus.
“The outlook for the very short-term remains bearish on this stock as the company isn’t just functioning. SBI Cards is grossly affected by the present lockdown conditions to the extent that the listing also remained much weaker than expected,” Milan Vaishnav added.