SBI Life shares slip below IPO price

The stock ended at Rs 692.50, down 1.37% from its previous close on BSE

Shares of newly-listed SBI Life Insurance Company today fell by over 1 per cent to settle below its issue price Rs 700.

The stock ended at Rs 692.50, down 1.37 per cent from its previous close on BSE. During the day, it slipped 2.43 per cent to Rs 685.

At NSE, shares of the company fell by 1.29 per cent to end at Rs 694.55.

In terms of equity volume, 2.68 lakh shares of the company were traded on BSE and over 26 lakh shares changed hands at NSE during the day.

In its trading debut on Tuesday, SBI Life Insurance Company had settled at Rs 708, a premium of just 1.14 per cent over the issue price on BSE.

SBI Life is a joint venture between India's largest lender State Bank of India (SBI) and BNP Paribas Cardif (BNPPC), the insurance holding company of France.

The company's Rs 8,400-crore initial public offer (IPO), from September 20-22, was oversubscribed 3.58 times.