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Sensex closed at 59,919.69, down 433.13 points or 0.72%, while the Nifty declined 143.60 points or 0.80% to end the day at 17,873.60.
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SIP continued to break records for the seventh month in a row as it touched lifetime highs of Rs 10,518.53 crore in October 2021.
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The price band for the leading life sciences company has been fixed at Rs 635-662 per share having a face value of Rs 2 per share.
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At 10:30am, Sensex tanked 563.92 points or 0.93% to 59,788.90, while Nifty stood at 17,848.70, down 168.50 points or 0.94%.
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MOIL's board has approved buyback of up to 3.38 crore equity shares at Rs 205 each for an aggregate consideration not exceeding Rs 693.77 crore.
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Wall Street closed sharply lower on Wednesday as surging consumer prices curbed investor risk appetite.
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Angel One is bullish on UPL with a price target of Rs 805 per share.
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31 of the 44 companies that got listed so far in the current calendar year are trading above their listing price.
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Nifty PSU Bank was the top laggard with losses of 2.35%, while the Nifty Metal index tanked 1.76% and Nifty Realty index slipped 1.36%.
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The IPO market is a bubble, a big one at that, says Abhishek Basumallick, Chief Investment Advisor at Investment Capital