 "Stock market, markets, IPO")
Shares of Prudent Corporate Advisory Services, a mutual fund distributor, closed 10 per cent below their issue price during their stock market debut on Friday.
Prudent Corporate is the third straight IPO to list at a discount after LIC and Rainbow Children's Medicare. The weak listings are on the back of a selloff in the secondary market. The benchmark Nifty has crashed as much as 8 per cent this month before the latest rebound.
Shares of Prudent Corporate finished at Rs 566.3 compared to issue price of Rs 630 per share. The stock touched a high of Rs 650 and
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