Star Health lists at 6% discount against issue price of Rs 900 a piece
The stock listed at Rs 845, 6 per cent below its issue price of Rs 900 per share on the National Stock Exchange
Star Health and Allied Insurance Company (Star Health) made a weak stock market debut with its equity shares getting listed at Rs 845, a 6 per cent discount to its issue price of Rs 900 per share on the National Stock Exchange (NSE). On the BSE, the stock opened at Rs 848.80, the exchange data shows.
Ace investor Rakesh Jhunjhunwala is a promoter of Star Health, which is India’s first and largest private standalone health insurance company.
At 10:01 am, the stock was trading at Rs 875.20, after hitting a high of Rs 899 on the BSE in the intra-day trade. On the downside, it hit a low of Rs 827.50 intra-day. On the NSE, the stock hit a high of Rs 895 and a low of Rs 828. A combined 2.6 million shares had changed hands on the NSE and BSE till the time of writing of this report.
Star Health, the largest private-sector health insurance company, got poor response due to expensive valuations, dent in profitability due to Covid-19 and fragile sentiments post a weak listing of Paytm. “The listing was expected to be on a poor note; however, the long-term outlook for the industry and Star Health Insurance is…read more