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New India Assurance shares fall over 9 pc in debut trade

13 Novembre 2017

Shares of The New India Assurance Company were settled at Rs 725.05 on BSE, a discount of 9.37% compared with the issue price of Rs 800 on its debut on the bourses today, 13 November 2017.

Analysts had expected a weak opening for the top Indian non-life insurer as demand for the issue was only 1.2 times the number of shares on offer, indicating relatively low interest in what has been a record year for IPOs in the country. But high valuations, especially in some recent big IPOs from insurers, have dampened post-listing share price gains. At the listing ceremony in Mumbai, New India Assurance chairman-cum-Managing Director G Srinivasan said, "Companies like us have large technical reserves, what is known as policy holders liabilities, outstanding claims and reserve for an expired risk".

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Anuradha Thakur, joint secretary at the government's divestment department, told reporters in Mumbai on Monday that market sentiment would be taken into consideration after the GIC Re and New India IPOs to decide the timing and pricing of the next insurer sales. New India's return on equity has lagged ICICI Lombard's in the last five years, the brokerage also said. It closed at ₹725.05, which is 9.37% lower than the issue price. The benchmark Nifty 50 share price index was down 0.4 per cent.

New India Assurance shares fall over 9 pc in debut trade