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<ul><li>The national stock exchange and the BSE have extended trading hours till 5 PM today after <keyword id="6354646" type="UNKNOWN" weightage="20" keywordseo="nse">NSE</keyword> halted trading for at least 4 hours.</li><li>The halt left the traders in a lurch about their positions a day ahead of the derivative contracts' monthly expiry.</li><li>In minutes after the resumption, Sensex surged over 800 points to top 50,670 mark; Nifty neared 15,000.</li></ul>The National Stock Exchange and the BSE have extended trading hours till 5 PM today after NSE halted trading for at <a href="https://www.businessinsider.in/stock-market/news/nse-halts-trading-after-data-glitches-stop-nifty50-and-bank-nifty-from-updating/articleshow/81186539.cms" data-type="tilCustomLink">least 4 hours due to a technical snag</a>. The trading at NSE resumed at 3.45 PM. In minutes after resumption, Sensex surged over 800 points to top 50,670 mark; Nifty neared 15,000 mark, up by over 270 points. <div type="Article" hostid="261" msid="81188380" title="NSE memes flood social media as the stock exchange halts trading due to glitch" mstype="2" mssubtype="0"></div> "BSE equity and equity derivatives markets will remain open till 5 pm today as decided jointly between exchanges today. All other market timings will remain as normal," BSE said in a statement. Taking note of the around four-hour-long "trading halt" on the National Stock Exchange (NSE), SEBI has directed the bourse to carry out a detailed analysis of the incident and submit its report to the regulator at the earliest. In a statement, the capital market regulator has also told NSE to explain the reasons for trading not migrating to the disaster recovery site. "SEBI has advised NSE to carry out a detailed root cause analysis of the 'trading halt' witnessed at NSE today and also explain the reasons for trading not migrating to the disaster recovery site. SEBI has asked NSE to submit its report at the earliest," it said. <div type="twitter" handle="NSEIndia" handlename="NSEIndia" image="http://pbs.twimg.com/profile_images/1027220658206306304/3DoFsMIs_normal.jpg" favoritecount="143" retweetcount="31" status="Please note the market timings for only today:F&amp;O Segment Normal Market will Re-open as follows:Normal Market op… https://t.co/oFDS7MORCV" createdat="1614162702000" id="1364523391575674881"></div> Earlier today, the stock exchange had to cancel all open orders of option and currency futures after trading was halted. However, the broader Indian markets were not impacted, as communication lines at BSE continued even as NSE faced troubles. The traders were left in a lurch about their positions a day ahead of derivative contracts' monthly expiry. Anand James, chief market strategist at Geojit Financial Services said “Expiry eve is a crucial day for expiry related trades as time decay sets in. As indices froze a little after 10 am, F&amp;O trades that reference such benchmark indices also slowed down. With hardly an hour's trade possible for such index-based traders the higher margins on F&amp;O positions may have been a double whammy.” The bourse said it depends on two telecom service providers for connectivity, and both failed simultaneously, resulting in the outage. NSE, in a statement, said, “NSE has multiple telecom links with two service providers to ensure redundancy and we have received communication from both the telecom service providers that there are issues with their links due to which there is an impact on NSE system.” SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/vested-finance-ceo-shares-his-guide-to-us-stock-investing-for-indians/articleshow/81185944.cms">Vested Finance CEO shares his guide to US stock investing for Indians</a><a href="https://www.businessinsider.in/stock-market/news/vested-finance-ceo-shares-his-guide-to-us-stock-investing-for-indians/articleshow/81185944.cms"></a> <a href="https://www.businessinsider.in/india/news/these-indian-states-now-require-you-to-carry-a-covid-19-negative-test-report-for-entry-after-rising-coronavirus-cases/slidelist/81185478.cms">These Indian states now require you to carry a COVID-19 negative test report for entry</a>

NSE resumes trading after a brief halt, stock exchanges to remain open till 5 PM

New Delhi, Dec 2 () Leading stock exchanges BSE and NSE on Monday suspended Karvy Stock Broking Ltd's trading licence for all segments due to non-compliance of the regulatory provisions of the bourses.
The move comes after Sebi, through an order passed on November 22, barred Karvy from taking new clients in respect of its stock broking activities and had also prevented it from using the power of attorney (PoA) given by clients after the broker was found to have allegedly misused clients' securities.
In two separate circulars, the bourses announced that they "have suspended Karvy Stock Broking Ltd with effect from December 2, 2019 due to non-compliance of the regulatory provisions of the exchange".
The BSE said it has deactivated trading terminals of Karvy in equity and debt segment and put them in the risk reduction mode in equity derivatives, currency derivatives and commodity segment.
Sebi's directive had come after the National Stock Exchange forwarded a preliminary report to it on the non-compliances observed with respect to pledging/misuse of client securities by Karvy.
The exchange's preliminary report is the result of the limited purpose inspection of Karvy conducted by it on August 19, covering a period from January 1 onwards, Sebi had said in its order. SP
BAL

BSE, NSE suspend Karvy Stock Broking trading licence

New Delhi, Jan 13 () Shares of Coffee Day Enterprises and CG Power and Industrial Solutions on Monday fell by up to 5 per cent after the announcement that BSE and NSE will suspend trading in their shares from February 3 for not complying with listing norms.
 The scrip of Coffee Day Enterprises tanked 4.92 per cent to close at Rs 39.65 -- its lowest trading permissible limit for the day on the BSE.
 On the NSE, it dropped 4.91 per cent to close at Rs 39.65.
 Shares of CG Power and Industrial Solutions also declined 4.93 per cent to close at Rs 10.80 -- its lower circuit limit -- on the BSE and on the NSE, it dipped 4.88 per cent to Rs 10.70.
 Leading stock exchanges BSE and NSE will suspend trading in shares of cafe chain operator Coffee Day Enterprises and fraud-hit CG Power and Industrial Solutions from February 3 for not complying with listing norms pertaining to submission of quarterly financial results.
 However, if companies comply with the provisions of listing norms on or before January 29, trading in its securities will not be suspended, BSE and NSE said in separate circulars.
 The exchanges said these firms have not submitted the financial results for June 2019 and September 2019 quarter and/or not paid the fine amount levied for the non-compliance, as required under the listing norms of Securities and Exchange Board of India (Sebi).
 Consequently, trading in securities of these companies will be suspended with effect from February 3, 2020 "on account of non-compliance with Regulation 33 of Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015 for two consecutive quarters -- June 2019 and September 2019." SUM SHW
SHW

Coffee Day, CG Power shares fall on trading suspension announcement

New Delhi, Nov 27 () Shares of Yes Bank jumped over 8 per cent on Wednesday ahead of its board meeting later this week to consider raising of funds.
 The scrip advanced 7.65 per cent to close at Rs 68.25 on the BSE. During the day, it zoomed 8.59 per cent to Rs 68.85.
 On the NSE, it climbed 8.31 per cent to close at Rs 68.40.
 The stock was the top gainer on the BSE Sensex and NSE Nifty during the trade.
 Led by the rally in the scrip, the company's market valuation rose by Rs 1,237.97 crore to Rs 17,406.97 crore on the BSE.
 In a filing to the BSE on Tuesday the company said, "notice is hereby given that a meeting of the board of directors of Yes Bank will be held on Friday, November 29, 2019 at Mumbai, inter alia, to discuss and consider raising of funds by issue of equity or equity linked securities through permissible modes, subject to necessary shareholders or regulatory approvals, as applicable."
 On traded volume terms, 213.13 lakh shares of the company were traded on the BSE and over 25 crore units on the NSE during the trade. SUM SHW
SHW

Yes Bank shares zoom over 8 pc; m-cap rises Rs 1,238 cr on fund raising plans

New Delhi, Jan 21 () Shares of telcos' on Tuesday were trading mixed after the SC agreed to list next week telecom firms' fresh pleas, seeking a fresh schedule of payment of statutory dues to the DoT.
Shares of Vodafone Idea jumped almost 18 per cent to Rs 5.73 on the BSE and gained 19.5 per cent to Rs 5.80 on the NSE.
On the other hand, Bharti Airtel stock was trading marginally lower by 0.15 per cent to Rs 508.50 on the BSE.
On the NSE, the scrip lost 0.07 per cent to trade at Rs 508.35.
Tata Teleservices (Maharashrta) stock was trading 0.76 per cent lower at Rs 2.60 on the BSE and and 1.92 per cent up at Rs 2.65 on the NSE.
Meanwhile, shares of Reliance Industries, the parent firm of Reliance Jio Infocomm Ltd, was trading with gains of 0.34 per cent at Rs 1,537.25 on the BSE.
The Supreme Court on Tuesday agreed to list next week the fresh pleas of telecom firms, including Bharti Airtel, Vodafone Idea and Tata Teleservices, seeking a fresh schedule of payment of statutory dues to the tune of Rs 1.47 lakh crore to the Department of Telecommunications.
The telcos said they wanted an open court hearing on their fresh pleas with regard to working out fresh schedule of payment of their dues. RUJ BAL
BAL

Telecom stocks mixed after SC accepts fresh pleas on statutory dues

New Delhi, Dec 4 () Shares of automakers were trading higher by as much as 3 per cent on Wednesday after some companies announced hiking prices from January on the back of rising input costs. 
Tata Motors' stock gained 3.92 per cent to Rs 163.85 on the BSE. In early trade, it was up 6.07 per cent at Rs 167.65 a unit. 
On the NSE, the scrip was trading 3.16 per cent up at Rs 163.20 apiece. 
Shares of Mahindra &amp; Mahindra (M&amp;M) rose 0.51 per cent to Rs 525.50 on the BSE. On the NSE, the stock registered a gain of 0.41 per cent at Rs 525.05.
The country's largest carmaker Maruti Suzuki India saw its shares fall 0.36 per cent to Rs 7,116 on the BSE and 0.28 per cent to Rs 7,119 on the NSE. 
In early trade, shares of MSI traded higher and rose 0.40 per cent on the BSE. 
Tata Motors on Wednesday said it will increase prices of its passenger vehicles from January, primarily in order to offset impact of upgrading its portfolio to conform to BSVI emission norms. 
 Maruti Suzuki India on Tuesday said it will hike prices of its vehicles from January to offset rising input costs. 
Other car manufacturers such as Toyota, Mahindra &amp; Mahindra and Mercedes-Benz said they are also contemplating a similar move. RUJ
MKJ

Auto stocks mostly higher on price hike announcements

New Delhi, Jan 29 () Leading stock exchanges BSE and NSE will shift several scrips to the restricted trading segment from Thursday to ensure safety of investors in the capital markets.
 BSE will shift as many as 30 stocks, including McDowell Holdings, Emami Realty, United Van Der Horst, Hindustan Everest Tools, Technofab Engineering and Lactose India, to the trade-for-trade segment represented by T or XT groups.
 At the same time, NSE would transfer 13 scrips to the trade-for-trade segment segment on its platform.
 In this segment, no speculative trading is allowed and delivery of shares and payment of consideration amount are mandatory.
 With a view to take preventive surveillance measure to ensure market safety and safeguard the interest of the investors, BSE and NSE have decided to move shares of these companies to T or XT Group with effect from January 30.
 In separate notices, the exchanges have asked their members "to take adequate precaution" while trading in these stocks "as the settlement will be done on trade-to-trade basis and no netting off of positions will be allowed".
 Further, value at risk margin of 100 per cent will also be levied on these scrips
 The decision with respect to these securities is part of a surveillance review, the exchanges said.
 They said the transfer of security for trading and settlement on a trade-to-trade basis "is purely on account of market surveillance and it should not be construed as an adverse action against the concerned company".
 These stocks would attract a circuit filter of up to 5 per cent which would be the maximum permissible limit within which the share price can move.
 In a separate statement, BSE said it has registered trading volume of 77,100 barrels with an open interest of 10,400 barrels, on the first day of Brent crude oil futures trading on Tuesday.
 The bourse began trading in futures contracts of Brent Crude Oil from January 27.
 The exchange will use Intercontinental Exchange's Brent Index as the final settlement price for its rupee-denominated Brent futures contract.
 "BSE is dedicated to deepen the Indian commodity markets by providing traders, investors and all market participants convenient and cost effective onshore hedging products.
 "We believe that this contract will be widely accepted by all stakeholders and emerge as a preferred risk mitigating tool of all stakeholders," BSE Chief Business Officer Sameer Patil said.
 Brent crude is highly co-related with the Indian crude oil basket and the BSE Brent crude contracts are designed to protect stakeholders from oil market uncertainties. AST SP ANS
ANS
ANS

BSE to shift 30 stocks to restricted trading group, NSE to move 13 scrips

New Delhi, Dec 2 () Shares of major automobile companies fell on Monday on the back of poor show in November sales data. Maruti Suzuki India stock fell 1.18 per cent to Rs 7,164.20 on the BSE and 1.31 per cent to Rs 7,151.20 on the NSE.
 Tata Motors was down marginally by 0.12 per cent to Rs 161.25 on the BSE and 0.05 per cent to Rs 161.45 on the NSE.
Mahindra &amp; Mahindra (M&amp;M) stock dropped 1.15 per cent to Rs 523.95 in early trade on the BSE. Later on, it recovered the losses to trade 0.21 per cent up at Rs 531.15. On the NSE, the stock was trading 0.01 per cent down at Rs 530.50.
 Bajaj Auto registered a decline of 0.54 per cent to Rs 3,158.95 on the BSE and 0.66 per cent to Rs 3,154 on the NSE. 
M&amp;M on Sunday reported nine per cent fall in total sales for November at 41,235 units. 
 The country's largest carmaker Maruti Suzuki India reported 1.9 per cent fall in sales at 1,50,630 units. 
 Tata Motors saw a slump of 25.32 per cent in total sales to 41,124 units. 
 Bajaj Auto on Monday reported a marginal 0.9 per cent fall in total sales at 4,03,223 units for the month. RUJ


 


 ANU

Auto stocks fall on poor show in November sales data

New Delhi, Feb 13 () Mahindra EPC Irrigation on Thursday announced that the National Stock Exchange has approved its application for the listing of shares. The company, it said, has made an application for listing of equity shares on the NSE. "We would like to further inform that the National Stock Exchange of IndiaLimited (NSE) has approved our application for listing and the date of listing of our equity shares would be February 14, 2020," the company said in a filing to the BSE. The trading of the shares at NSE may follow soon thereafter, the filing said. On the BSE, the shares were trading at Rs 153.00 apiece in the morning trade, up 4.01 per cent from their previous close. SID MKJ

Mahindra EPC Irrigation shares to be listed on NSE on Friday

Shares of <keyword id="6355199" type="COMPANY" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> on Wednesday rebounded nearly 6 per cent after plunging over 12 per cent in the previous session.The stock was trading 3.49 per cent up at Rs 1,152.05 on the BSE. In early trading hours the stock gained as much as 5.8 per cent to Rs 1,178.40. On the NSE, it was quoting at Rs 1,151.65, up 3.37 per cent. It touched a high of Rs 1,178.45, higher by 5.77 per cent. More than 1.71 crore shares of Reliance Industries were traded on the NSE, while BSE saw an exchange of 57 lakh shares till noon. The spurt in volume was more than 6.70 times during the day on the BSE. After surging 308 points in highly volatile trade, BSE benchmark Sensex was up 196.45 points, or 0.55 per cent, at 35,831.40, and the NSE Nifty rose 33.60 points, or 0.32 per cent, to 10,485.05. Shares of Reliance Industries on Monday slumped as much as 13 per cent amid a price war among oil producers leading to international crude prices crashing by their biggest margin since the 1991 Gulf war. Global oil benchmark Brent crude futures were trading 0.24 per cent higher at USD 37.31 per barrel at 1230 hours. Domestic financial markets were closed on Tuesday for Holi.

Reliance share price rebounds by 6% as crude prices rise

New Delhi, Dec 18 () Shares of Jaypee Infratech on Wednesday zoomed nearly 10 per cent after its Committee of Creditors (CoC) approved NBCC's bid to acquire the company under insolvency process.
 Shares of Jaypee Infratech closed 9.88 per cent higher at Rs 1.78 apiece on the BSE.
 On the NSE also, the stock rallied 9.09 per cent to close at Rs 1.80.
 The stock closed on upper price band on the BSE and the NSE.
 More than one crore shares of Jaypee Infratech were traded on the NSE and over 28 lakh units on the BSE.
 Shares of NBCC (India) also rose 0.14 per cent to Rs 35.30 on the BSE and 0.14 per cent to Rs 35.30 on the NSE.
 In terms of volume, over 1.7 crore shares exchanged hands on the NSE and 7.25 lakh on the BSE.
 Jaypee Infratech's financial creditors, including lenders and homebuyers, approved the bid of state-owned NBCC to acquire the debt-laden realty firm under insolvency process, according to sources.
 Jaypee Infratech, a subsidiary of crisis-hit Jaiprakash Associates, went into insolvency process in August 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium. RUJ SHW
SHW

Jaypee Infra jumps nearly 10 pc on lenders' nod for NBCC bid

Shares of <keyword id="19931193" type="General" weightage="100" keywordseo="Maruti-Suzuki-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Maruti Suzuki India" meta.hostid="261" meta.entityid="Maruti Suzuki India">Maruti Suzuki India</keyword> jumped more than 2 per cent on Thursday in the morning trade after the homegrown automobile major reported a 47 per cent jump in net profit to Rs 3,650 crore for the June quarter. The stock of the company climbed 2.30 per cent to trade at Rs 13,417.05 apiece on the NSE. On the BSE, it rose 2.06 per cent to trade at Rs 13,439.55 per piece. Later, in the intra-day trade, the shares of the Gurugram-based automobile major advanced to hit a 52-week high of Rs 13,680 and 13,675 apiece on the NSE and BSE. In the morning trade, the company's market valuation also rose by Rs 15,941.78 crore to Rs 4.29 lakh crore on the BSE while it stood at Rs 4.30 lakh crore on the NSE. The 30-share BSE Sensex jumped 127 points or 0.16 per cent to trade at 81,868.34 while NSE Nifty went up 61.40 points or 0.25 per cent to 25,012.55. In a regulatory filing on Wednesday, <keyword id="44883" type="General" weightage="20" keywordseo="Maruti-Suzuki" source="Orion">Maruti Suzuki</keyword> India reported a 47 per cent jump in net profit to Rs 3,650 crore for June quarter, riding on the back of cost reduction efforts, favourable commodity prices and foreign exchange gains. The auto major had logged a net profit of Rs 2,485 crore in April-June FY24. Net sales increased to Rs 33,875 crore in the June quarter as compared with Rs 30,845 crore in the year-ago period, the company said. The country's largest carmaker said it sold 5,21,868 vehicles during the first quarter, up 5 per cent as compared to the same period previous fiscal. The company said it sold 4,51,308 units in the domestic market in the first quarter, an increase of 4 per cent over the same period of FY24.

Maruti Suzuki India stock hits 52-week high after robust Q1 results

Stock <keyword id="20345915" type="General" weightage="20" keywordseo="exchanges" source="keywords">exchanges</keyword> and <keyword id="20710434" type="General" weightage="20" keywordseo="brokers" source="keywords">brokers</keyword>, catering to retail traders, could be hit hard by the regulator <keyword id="19901201" type="General" weightage="100" keywordseo="Sebi" source="keywords">SEBI</keyword>'s proposed measures for Futures &amp; Options (F&amp;O) <keyword id="22748189" type="General" weightage="20" keywordseo="trading-regulations" source="keywords">trading regulations</keyword>, with market volumes slumping 30-40 %, according to reports. If these measures are implemented, the number of investors could decrease, it added. Moreover, discount brokers, who depend heavily on retail investors, are expected to be more affected than traditional full-service brokers. SEBI, in its consultation paper in July, proposed seven measures, including increasing minimum contract size and upfront collection of option premiums, intra-day monitoring of position limits, rationalisation of strike prices, removal of calendar spread benefit on expiry day and increase in near contract expiry margin. SEBI stated that these measures are aimed at enhancing <keyword id="20775670" type="General" weightage="20" keywordseo="investor-protection" source="keywords">investor protection</keyword> and promoting <keyword id="20813757" type="General" weightage="20" keywordseo="market-stability" source="keywords">market stability</keyword> in derivative markets. According to a report by Jefferies, SEBI's proposed measures to reduce the number of weekly option contracts from 18 to 6 could impact around 35% of industry premiums. However, if trading shifts to the remaining contracts, the overall impact can be reduced to 20-25%. Among its 7 proposed measures, IIFL Securities see the highest impact from the withdrawal of <keyword id="22353333" type="General" weightage="20" keywordseo="weekly-options" source="keywords">weekly options</keyword> (only 1 per exchange allowed) as index Options account for 98% of the volumes. IIFL Securities expects the National Stock Exchange (NSE) to be more affected than the BSE because 60 % of NSE's revenue comes from options trading, compared to 40% for BSE. It estimates that by the financial year 2026, NSE's earnings could be reduced by 25-30% while BSE's earnings could drop by 15-18%. Jefferies also believes that the removal of Bankex weekly contract can impact BSE's earnings per share (EPS) by 7-9% over FY25-27. It further said that BSE might see a small decline in earnings, but if trading activity shifts from discontinued products, it could offset the impact or even lead to earnings growth. "We don't see any impact on MCX from these regulations. Within the value chain, discount brokers are likely to be more impacted than traditional full-service brokers given the former's dependence on retail investors," IIFL Securities said. Jefferies believes that clearing members like Nuvama, which caters to institutional players High-Frequency Traders (HFTs), and Foreign Portfolio Investors (FPIs) are less impacted. Rationalizing weekly options to only one benchmark index per exchange will significantly affect the NSE because it currently has four weekly index expiries, with "Bank Nifty" being the most important, contributing to 50 % of its options volume. The change could reduce NSE's overall trading volumes by 30-35 %, IIFL Securities said. On the other hand, BSE is expected to be less affected since it only has two contracts, with Sensex making up 85 % of its volumes in FY24. Even if "Bankex" contributes 30% by FY26, the impact on BSE's volumes is expected to be smaller compared to NSE, it said. Additionally, with just two expiries, BSE might gain market share and experience higher trading volumes, resulting in an estimated 20 % reduction in its overall volumes, it added. Jefferies said that SEBI's proposed measure of increasing lot sizes by 3-4 times over six months could lead to higher costs for retail traders, potentially reducing their participation in the market. The proposed margin increase for options sellers close to expiry could reduce leverage and profitability, especially for retail traders with limited funds. "Finally other measures like increasing ELM (extreme loss margin) around expiry, and withdrawal of calendar spread margin on expiry will increase the margin requirements and thereby could impact the liquidity. Based on our initial estimates we expect a 30-40 % impact on market volume," IIFL Securities said. SEBI Chief Madhabi Puri Buch recently mentioned that households are losing up to Rs 60,000 crore a year in the problematic futures and options segment. Earlier, SEBI research showed retail traders lose money in nine out of 10 trades in the F&amp;O segment Last month, the government in the Union Budget raised the securities transaction tax (STT) on both futures and options trade from October 1 to allay concerns about hyperactive interest in the derivative segment. Before that, the Economic Survey flagged concerns over rising retail investors' interest in derivative trading. The survey stated that speculative trade has no place in a developing country. It also pointed out that the sharp increase in retail investor participation in F&amp;O trading is likely driven by humans' gambling instincts.

SEBI proposed F&O norms to hit exchanges, brokers, says reports

New Delhi, Mar 16 () Shares of SBI Cards and Payment Services made a weak debut at the bourses on Monday, plunging nearly 13 per cent, against its issue price of Rs 755. The scrip listed at Rs 658, dropping 12.84 per cent from the issue price on the BSE. On the NSE, it slumped 12.45 per cent after opening to Rs 661. The company's market valuation stood at Rs 69,811.44 crore on the BSE. The drop in the company's scrip was in line with a weak broader market sentiment, where the BSE benchmark was trading over 2,000 points lower. In traded volume terms, 17.65 lakh shares were traded on the BSE and 2.6 crore shares on the NSE in early trade. The initial public offer of SBI Cards and Payment Services was subscribed over 22 times earlier this month. Price range for the IPO was fixed at Rs 750-755 per share. Kotak Mahindra Capital Company, Axis Capital, DSP Merrill Lynch, HSBC Securities and Capital Markets (India), Nomura Financial Advisory and Securities (India) and SBI Capital Markets were the managers to the offer. SUM ANSANSANS

SBI Cards makes weak debut at bourses; plunges nearly 13 pc

New Delhi, Mar 16 () Shares of SBI Cards and Payment Services made a weak debut at the bourses on Monday, plunging nearly 13 per cent, against its issue price of Rs 755. The scrip listed at Rs 658, dropping 12.84 per cent from the issue price on the BSE. On the NSE, it slumped 12.45 per cent after opening to Rs 661. The company's market valuation stood at Rs 69,811.44 crore on the BSE. The drop in the company's scrip was in line with a weak broader market sentiment, where the BSE benchmark was trading over 2,000 points lower. In traded volume terms, 17.65 lakh shares were traded on the BSE and 2.6 crore shares on the NSE in early trade. The initial public offer of SBI Cards and Payment Services was subscribed over 22 times earlier this month. Price range for the IPO was fixed at Rs 750-755 per share. Kotak Mahindra Capital Company, Axis Capital, DSP Merrill Lynch, HSBC Securities and Capital Markets (India), Nomura Financial Advisory and Securities (India) and SBI Capital Markets were the managers to the offer. SUM ANSANS

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