Reliance Power falls at debut

India's biggest-ever initial public offering (IPO) of Rs 11,700 crore ($3 billion) fell more than 13 per cent after debuting at its IPO price Rs 450 on Monday.

The much-hyped Reliance Power IPO had a disappointing listing at the Bombay Stock Exchange (BSE). At 1005 hrs IST, the shares were down 5.2 per cent at Rs 426.50, while the benchmark BSE index was down 1.3 per cent.

At BSE, the stock opened at Rs 547.80, a premium of about 21 per cent before slipping to Rs 430 levels.

At National Stock Exchange, the stock was listed at Rs 530, representing a premium of Rs 80 or about 18 per cent over its issue price of Rs 450.

The stock was trading 3 per cent below its issue price at Rs 435 on the NSE at 0956 hours. The stock is a part of NSE F&O, the lot size is of 450 shares and options strike priced between Rs 10-1350.

At BSE, the biggest IPO in Indian markets was traded heavily from the word go and it witnessed a lot of price fluctuation, trading consistently below the issue price, It went below Rs 400 at one point to hit a low of Rs 398 before coming back to Rs 400-410 levels.

Courtesy:ibnlive.com
Complete artical HERE