NIA shares fall 9.4% on stock market debut

MUMBAI: Shares of New India Assurance Co Ltd (NIA) closed 9.4% below issue price on the company’s first day on the bourses, after an initial share sale that barely scraped through. After opening at ₹748.90 on the BSE, 6.39% below the issue price of ₹800, NIA shares fell further to close at ₹725.05, down 9.37%. During the day, NIA shares touched a high and a low of ₹749 and ₹717.75, respectively. The insurer had priced its shares at ₹770-800 in its ₹9,600-crore IPO.