Reliance Power drops for third day

Mumbai, Feb 13 (UNI) Anil Dhirubhai Ambani group, Reliance Power, has recorded a fall of almost Rs 100 and settled at Rs 350 a share from the issue price of Rs 450 within the last three sessions at the National Stock Exchange (NSE), registering a loss of Rs 4.30 from its previous close.

The stock had seen a fall of over 17 per cent from the offer price on Monday, the first day of its trading, which was followed by another decline of about five per cent yesterday.

At the Bombay Stock Exchange (BSE), the performance was relatively better with a fall of 0.89 per cent in today's trade with the shares closing at Rs 351.40, a leading broker said.

The stock hit its lowest level of Rs 332.50 in the intra-day trade at the BSE, while it rose to a maximum of Rs 366.75. At the NSE, it rose to an intra-day high of Rs 368.65 and a low of Rs 333. The stock had opened on a positive note at Rs 360.05 at the BSE and at Rs 365 at the NSE, in line with the bullish sentiments across the market, but could not sustain at the higher levels.

Close to four crore shares changed hands at the two bourses. The company had raised close to Rs 11,560 crore in the country's biggest ever IPO last month, which was subscribed over 70 times, generating demand worth about Rs 7,50,000 crore. While heavy selling pressure was seen across the market on Monday, the Sensex had ended nearly flat yesterday, even as Reliance Power continued its downslide during both the trading sessions. The market benchmark Sensex rallied 341.13 points, or 2.05 per cent, to close at 16,608.01 points.

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