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ICICI Prudential stock slumps on trading debut

MUMBAI (NewsRise) --Shares of ICICI Prudential Life Insurance, a unit of India's biggest private lender ICICI Bank, got off to a weak debut on stock exchanges, falling as much as 11.5%, as investors jettisoned the stocks amid concerns of expensive valuation.

ICICI Prudential opened trading with a 1.5% decline from the issue price, at 329 rupees a share ($4.9) on the BSE after a $910 million initial public offering, the first by an Indian life insurance company. The weak performance follows another lackluster listing - that of L&T Technology Services, a unit of industrial conglomerate Larsen & Toubro - last week.

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