Within 15 days of its listing, more than 4 lakh retail investors exited the scrip, SBI Cards and Payment Services has told the exchanges
The country's second-largest credit card issuer said 4.24 lakh small retail investors—categorised as having a share capital of up to Rs 2 lakh—exited the stock by March 31.
At the time of listing 23.18 lakh small investors were allotted shares, the number dropped to 18.94 lakh by the end of March.
The holding, in percentage terms, dropped to 5 percent from 5.55 percent in the company.
The mass exodus from retail investors was to an extent offset by foreign portfolio investors (FPIs) and mutual fund houses.
By March end, FPIs increased to 143 from 135, and their holding in the scrip rose to 4.07 percent from 3.53 percent. On the other hand, MFs holding doubled to 3.06 percent from 1.6 percent, even though two fund houses exited the stock.
Meanwhile, high net worth individuals (HNIs) were net sellers too, as their holding came down to 0.57 percent from 1.8 percent. Overall, 184 HNIs exited the company.
No major changes were reported in other investor categories such as alternative investment funds, insurance companies and NRIs.
The scrip, which hit the bourses at Rs 755 apiece on March 16, is now quoting Rs 505.60.
The stock touted to be a listing winner by several experts succumbed to extreme weakness in the market due to the coronavirus pandemic.
In compliance with the 21-day national lockdown, SBI Cards and Payment Services earlier this month had announced the closure of all its offices across India till April 14.
The financial impact of the same is not ascertainable at this stage, the company said, adding the duration of the abovementioned decision taken by the company will depend upon further directions from the authorities.
Prime Minister Narendra Modi on April 14 morning extended the lockdown to May 3.