Shares of SBI Cards and Payment Services made a weak debut on the bourses on Monday, plunging over 10 per cent against its issue price of Rs 755 as coronavirus fears continued to hurt investor sentiment.

The scrip listed at Rs 658, down 12.84 per cent from its issue price on the BSE. During the day, it touched a high of Rs 755 and a low of Rs 658. It closed down 9.50 per cent at Rs 683.20.

On the NSE, the scrip tanked 10.19 per cent to close at Rs 678. The company’s market valuation stood at Rs 64,149.53 crore at close of trade on the BSE.

The drop in the company’s scrip was in line with a weak broader market, where the BSE benchmark plummeted over 2700 points.

In volume terms, 41.67 lakh shares were traded on the BSE and 6.08 crore shares on the NSE during the day.

The initial public offer of SBI Cards and Payment Services, part of the country’s largest public sector lender SBI, was one of the largest share sale in recent times, both in terms of size and subscription. It was subscribed over 22 times earlier this month. Price range for the IPO was fixed at Rs 750-755 per share.

Park Hotels IPO

Apeejay Surrendra Park Hotels has got the regulatory go-ahead for its Rs 1,000-crore initial public offer. The IPO comprises a fresh issue of up to Rs 400 crore and an offer-for-sale of up to Rs 600 crore, according to merchant banking sources.

The regulator issued its final observation letter on March 9 for the public offer.

The company proposes to use the net proceeds towards repayment/prepayment of certain borrowings availed and for general corporate purposes.