This also reflects that some investors have already booked losses on the first day. During the day, nearly 1.07 lakh shares were traded. Although UTI Bank had managed an oversubscription of just over 100 per cent for its public offer as well as offer for sale, a not-so-impressive first-half performance from the bank coupled with a relatively high level of NPAs and the poor short-term outlook for banking industry have affected the scrip.

The bank's listing comes at a time when larger public sector banks like Corporation Bank, Bank of Baroda, Bank of India and SBBJ are trading at their all-time lows.

UTI Bank is yet another private bank which has failed tolive up to the investor expectation. Other private sector banks like J&K Bank and City Union Bank, which were listed on the bourses in recent months, are hardly traded. Their poor performance on listing is despite the fact that these banks had managed an overwhelming response to their public issues.

The South Indian Bank, which is likely to be listed before the end of this month, is likly to face a similar fate in the secondary market.

UTI Bank had offered the public 1.5 crore shares at Rs 21, aggregating Rs 31.5 crore, along with UTIÕs offer for sale of 2 crore shares, aggregating Rs 42 crore shares. The bank has completed all the listing formalities in around two months. The bank has projected a net profit of Rs 31.63 crore on a total income of Rs 444.35 crore. The bankÕs shares will also be listed on the Mumbai and Ahmedabad stock exchanges.