SBI Card traded with volumes of 6,08,92,478 equity shares on the NSE and 41.67 lakh shares on the BSE.
Bears tightened their grip on the market on March 16 aided by coronavirus fears. SBI Cards and Payment Services, which debuted on the bourses today, also bore the brunt.
The scrip corrected 9.51 percent from its listing price of Rs 755 to settle at Rs 683.2 apiece on the BSE.
It touched an intraday low of Rs 658 which was also its opening price on the exchange.
On the National Stock Exchange, the stock closed at Rs 681.40, down Rs 73.60, or 9.75 percent after hitting a day's low of Rs 656.
It failed to reach its issue price on both exchanges during the session.
SBI Card traded with volumes of 6,08,92,478 equity shares on the NSE and 41.67 lakh shares on the BSE.
The BSE Sensex fell more than 2,700 points, taking the total loss of over 10,800 points from record high seen in January and investors' wealth was eroded by Rs 7.5 lakh crore today.
SBI Card, the subsidiary of country's largest lender State Bank of India, mopped up Rs 10,340 crore through its public issue during March 2-5 after seeing a 26.54 times subscription.
Given the turmoil in equity market globally, experts recommended selling SBI Card now and holding cash to buy the same later once the coronavirus-led fear starts fading as they all retained their bullish stance on the stock over the longer-term.
"Given the top 4 players including State Bank of India dominating more than 70 percent market share (FY19), SBI's strong parentage, sound fundamentals, niche business and extreme growth outlook, SBI Card to command high P/E and will get advantage for the same. We still remain bullish for the stock for the price target of Rs 1,250 in next 1 year," said Manali Bhatia.
SBI Card, the second largest credit card issuer in India, has 18.1 percent market share of the Indian credit card market in terms of the number of credit cards outstanding and 17.9 percent market share of the Indian credit card market in terms of total credit card spends 2019.
Jaikishan Parmar, Senior Equity Research Analyst at Angel Broking also said long term investors should not worry as over the long term price will follow the fundamental of the SBI Card. "SBI Card has very strong fundamentals and healthy growth prospects considering low penetration in India and sourcing from existing SBI clients."
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