Mumbai: Choppy
market conditions appear to have got better of billionaire Anil Ambani as his Group firm Reliance Power Monday slipped into negative within minutes of
listing at
Rs 547.80, a premium of 21 per cent over its
issue price. The issue had created a phenomenal demand of Rs 7,50,000 crore at the close of the IPO last month, thereafter being quoted at the grey market at a premium of Rs 450-550 per
share, against an issue price of Rs 450 each.
However, analysts said that it was commendable for the company to hold onto a price of over Rs 400 in a turbulent market, that has already seen shelving of two major IPOs - EmmarMGF and Wockhardt Hospitals last week.
Touted as the biggest ever IPO to hit the Indian market, the issue failed to hold on to the investors'''' interest and the hype that saw the
scrip touching a high of up to Rs 1,000 a share in the grey market, soon after the listing at the BSE with Anil ringing the customary bell to signal commencement of trade. After touching a low of Rs 389 a share from a high of Rs 599.90, Reliance Power recovered some of its lost ground and was hovering around the level of Rs 440 a share on the Bombay Stock Exchange just before noon.
The listing took Reliance Power''''s market capitalisation to over Rs 1.23 lakh crore, joining the top 10 firms listed on the bourses. The scrip had also touched an intra-day high of Rs 599.90. But its membership in the Rs one-trillion marketcap group was short-lived as it slipped below the listing price.
The scrip touched an intra-day low of Rs 386 a share at the National Stock Exchange.
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