Reliance MF shares decline 3.4% on debut

MUMBAI: Shares of Reliance Nippon Life Asset Management Ltd debuted 16% higher on the bourses on Monday, after India’s third-largest mutual fund manager saw its ₹1,542-crore IPO subscribed more than 81 times last month. The IPO of Reliance Nippon Life, India’s third largest mutual fund manager, was subscribed 81.54 times on Friday, the last day of the share sale in 27 October, data from the exchanges showed. Reliance Nippon shares opened 16.66% higher on the BSE at ₹294 apiece compared to the issue price of ₹252 , which was the upper end of the price band of ₹247-252 per share.