Reliance Power effect: Sensex sheds 863 points

Mumbai, Feb 11: The day on which Anil Dhirubhai Ambani Group's Reliance Power was listed, the 30-share sensitive index (Sensex) of the Bombay Stock Exchange opened with a negative gap of 38 points and closed at 16, 631 after losing 863 points.

During mid-noon trades, heavy selling was witnessed at the BSE as the index plunged to a low of 16,458 points, down 1,007 points from its previous close. Reliance Power that was listed at 548 rupees, a premium of 21.7 per cent to its issue price of 450 rupees, on the exchange, hit a high of 600 rupees and dropped to a low of 355 rupees before finally ending at 372 rupees.

The mid-cap and small-cap also registered negative trends as both indices moved southwards.

Out of 2,737 stocks traded at the BSE, 2,456 declined, 246 advanced and 35 remained unchanged.

Reliance Energy (REL) slumped over 19 per cent and Reliance Communications tumbled 8.6 per cent.

Hindustan Unilever and Mahindra and Mahindra shed 7.5 per cent each, while NTPC and SBI plunged by 6.7 per cent each.

L and T, Reliance and ITC dropped six per cent each, and BHEL, HDFC and ONGC slipped over five per cent each.

Bharti Airtel dropped 3.8 per cent, while Tata Steel and ICICI Bank fell by around three per cent each.

ANI