India’s Star Health has volatile debut

The company’s shares fluctuated after falling as much as 8% below initial public offering price (IPO) of 900 rupees (RM50.20) but soon recovered losses to trade little changed at 905 rupees (RM50.50) during the morning trade session.

MUMBAI: Shares of Star Health and Allied Insurance Co were volatile in the first major listing since Paytm’s debut last month as investors gauge enthusiasm for richly valued stocks that offer poor prospects for near-term profitability.

The company’s shares fluctuated after falling as much as 8% below initial public offering price (IPO) of 900 rupees (RM50.20) but soon recovered losses to trade little changed at 905 rupees (RM50.50) during the morning trade session.

The issue price was seen as fully priced by some investors as Star Health swung to a loss in the year ended March 2021.