Shares of AceVector, the parent company of Indian e-commerce platform Snapdeal, fell on their stock market debut on Monday.

The shares listed at 28.32 rupees on the National Stock Exchange, a discount of 11.5 percent to the 32-rupee offer price. The company had raised more than $50 million through its initial public offering last week.

The weak listing comes as Indian equities extended a long losing streak, with the Nifty 50 logging its eighth straight weekly decline, the longest such streak in 25 years.

Foreign portfolio investors have been net sellers amid elevated crude oil prices and rising global bond yields, while domestic institutions have provided support by buying on declines.

Market watchers say new-age listings remain sensitive to risk sentiment. The company’s next trading sessions will be watched for signs of stabilisation after the discounted debut.

Analysts say the discounted debut reflects cautious sentiment toward new-age consumer listings, even as the company’s backers point to its turnaround plans and growth in smaller towns.