NSE IPO Buzz Loses Steam, NIACL And IFCI Shares Plunge Up To 14% As Grey Market Premium Slides
Mumbai: Shares of New India Assurance Company Ltd (NIACL) and IFCI came under heavy selling pressure on Tuesday, September 8, falling as much as 14% as the NSE IPO grey market premium (GMP) witnessed a sharp correction. NIACL shares plunged 13.71% to an intraday low of Rs 199.52, compared with the previous close of Rs 231.20. At around noon, the stock was trading 9.50% lower at Rs 209.50 on the…
Mumbai: Shares of New India Assurance Company Ltd (NIACL) and IFCI experienced a notable decline on Tuesday, September 8, with NIACL plunging up to 14% and IFCI falling by nearly 10%, due to a sharp correction in the NSE IPO grey market premium (GMP). The NSE IPO GMP dropped from Rs 310 on September 5 to Rs 221 on September 8. NIACL, which holds a 1.42% stake in NSE, saw its shares plunge 13.71% to an intraday low of Rs 199.52, from Rs 231.20.
IFCI, owning a 52% stake in SHCIL, which has a 4.4% stake in NSE, experienced a decline of nearly 10% to an intraday low of Rs 92.75. The decline in NIACL shares coincided with NIACL receiving a ₹189.37 crore tax demand notice, putting the stock in the spotlight ahead of the next trading session.
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