Mumbai, Feb 11 (UNI) Dashing the hopes of millions of domestic and global investors Reliance Power Ltd made a below par debut at the Bombay Stock Exchange with a listed quote of Rs 430 per share.
Opening at Rs 20 less than the issue price of Rs 450, the much hyped listing became a damp squib to investors as the sensex opened for the week against on a southward journey.
The largest ever Indian IPO, Reliance Power had a negative opening mainly due to weak overseas market and the growing concern over the slowing down of the US economy.
However, gains in the index heavy weight ICICI Bank supported the indices at lower level.
Before the trading, the listing ceremony of Reliance Power was held at the convention hall at the BSE with its Chairman Anil Ambani striking the bell to mark the first trading.
The market was buzz overnight with an expectation of the most prestigious scrip hitting around Rs 600 at listing. It began touching a high of Rs 530 in early trade, but a huge sell, pulled down the stock to an intra-day low of Rs 386. It was trading lower at Rs 427.70, down Rs 22.30 or five per cent on the NSE. The traded volumes of 29,48,67,000 shares and the turnover was at Rs 1260 crore.
The stock is a part of NSE F&O, the lot size is of 450 shares and options strike priced between Rs 10-1350.
The company had entered capital market with public issue of 26 crore equity shares of Rs 10 each. Reliance Power IPO was oversubscribed approximately 70 times.
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