GIC Re falls double digits as debut disappoints

General Insurance Corporation of India (GIC Re), India's
largest reinsurer, made a disappointing debut on the Bombay Stock
Exchange, with the shares falling as much as 12 percent.
The stock began the day at 857.50 rupees, down 6 percent on the
IPO price of 912 rupees.
As of midday local time (07:30 in London), the stock was trading
at 802.70 rupees.
GIC Re's initial public offering gave the carrier a market
value of around $12.3bn and cut the government's
stake...