SBI Funds Management shares fall below ₹574 IPO price
Business
SBI Funds Management's shares dropped below their IPO price of ₹574 on Thursday, landing at ₹566.50 on the National Stock Exchange.
The stock has struggled since July 22, facing steady declines in six out of seven trading sessions, even after briefly bouncing back above the IPO price yesterday.
SBI Funds IPO 9812.91cr oversubscribed 41.66x
The company's massive ₹9,812.91 crore IPO drew huge interest, getting oversubscribed 41.66 times between July 14 and 16.
Shares initially opened strong at ₹613.30, but haven't kept up momentum since.
Despite being India's largest asset manager, handling over ₹12.5 lakh crore in mutual fund assets and holding a 15.3% market share, the stock hasn't lived up to investor hype so far.