ICICI Securities, ICICI Pru Life hit lowest level since listing

Shares of ICICI Securities and ICICI Prudential Life Insurance Company (ICICI Pru Life) have hit their respective lowest level since their listing on the BSE in otherwise firm market.
ICICI Securities (Rs 316) and ICICI Pru Life (Rs 361) were down 3% each in intra-day trade on the BSE. On comparison, the S&P BSE Sensex was up 0.36% or 128 points at 35,392.

ICICI Securities has underperformed the market by falling 29% since listing on April 4, 2018. The company had raised Rs 35.15 billion through initial public offer at price of Rs 520 per share.

According to Business Standard report, the Securities and Exchange Board of India (Sebi) has issued a directive to ICICI Prudential Mutual Fund (MF) for allegedly violating the MF code of conduct by making a large investment in the initial public offering (IPO) of its group firm ICICI Securities. The investment allowed the IPO to meet a minimum subscription requirement, without which it would have failed.