Meanwhile, the S&P BSE Sensex dropped 281 points or 0.84% to settle at 33,033.56.

Shares of The New India Assurance Company were listed on the bourses at Rs 748.90, a discount of 6.38% from the issue price of Rs 800. The stock had hit a high of Rs 749 and low of Rs 717.75 in intraday trade. On the BSE, 4.3 lakh shares were traded on the counter.

The New India Assurance Company's initial public offering (IPO) received bids for 14.33 crore shares compared with 12 crore shares on offer, as per NSE data. The IPO was subscribed 1.19 times. The price band for the issue was Rs 770-800 per share.

Among category wise investors, the qualified institutional buyers (QIBs) category was subscribed 2.34 times. Non institutional investors category was subscribed 0.12 times. Retail individual investors (RIIs) category was subscribed 0.11 times.

The company reported consolidated net profit of Rs 505.53 crore on total income of Rs 6031.21 crore in Q1 June 2017.

The New India Assurance Company, a century old public sector general insurance company, is the largest general insurance company in India in terms of net worth, domestic gross direct premium, profit after tax and number of branches as of and for FY2017. The operations of the company are spread across 29 states and seven Union Territories in India and across 28 other countries globally through a number of international branches, agency offices and subsidiaries including a desk at Lloyd's, London.