Reliance Power, whose IPO made history on the Indian stock exchanges in January, sent ripples through the market when it closed 17 per cent below allotment price on listing on 11th Feb.
The stock opened on the BSE with a gain of Rs 97 over the issue price of Rs 450.
Within minutes it fell to Rs. 389 as investors rushed in to sell, to book “listing gains.”
For the rest of the day, the stock traded below Rs. 450, closing the day 17 per cent down, at Rs. 372.50.
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