Monday, February 11, 2008

Markets tumble

Poor debut of Reliance Power which had come out with India's largest ever IPO, last month, hit the bourses. Weak overseas markets and growing concerns about a slowing US economy also weighed on bourses.The markets have plunged further on the back of heavy selling pressure across sectors following extremely poor listing of Reliance Power. Weak cues from the global markets have accentuated the pain.

At 1:45 pm, the Sensex is down 851.94 points or 4.88% at 16612.95, and the Nifty down 247.10 points or 4.83% at 4873.25.

Anil Dhirubhai Ambani Group firm Reliance Power was trading at Rs 402 on BSE, a discount of 10.79% over IPO price of Rs 450. It debuted at Rs 547.80, a premium of Rs 21.73% from the IPO price. Volumes in the stock were high. On BSE, 4 crore shares changed hands in the counter.

Market men had initially expected the price to double on debut, but stock market turmoil had lowered investor risk appetite and expectations were toned down subsequently with market men expecting a premium of about Rs 75-to Rs 150 above the IPO price on debut. The Reliance Power IPO was subscribed 73 times.

India's largest private sector firm by market capitalization and oil refiner Reliance Industries fell 6.47% at Rs 2265.

India's largets private sector bank by assets ICICI Bank fell 6.25% to Rs 999.95.

India's largest engineering and construction firm by revenue Larsen & Toubro fell 5.88% to Rs 3320.

Among the Sensex losers, Reliance Energy slumped 14.68% to Rs 1675, ONGC slipped 8.75% to Rs 910.20, Reliance Communication skid 7.44% to Rs 598.85, Mahindra & Mahindra fell 6.98% to Rs 599.95, Housing Development Finance Corporation declined 7.02% to Rs 2600 and State Bank of India shed 7.37% to Rs 2034.10.

Among the Sensex gainers, Satyam Computer gained 2.44% to Rs 420, Infosys Technologies moved up 1.52% to Rs 1575 and TCS rose 0.78% to Rs 906.

Among the side counters, Lanco Infratech slumped 17.46% to Rs 395, Housing Development and Infrastructure slipped 15.22% to Rs 770, Hinduja Ventures skid 12.77% to Rs 485, Ispat Industries fell 12.75% to Rs 39, Orchid Chemicals fell 11.35% to Rs 219.50 and Finolex Cables dropped 11.26% to Rs 81.60.

Among the mid-cap losers, Zee News slumped 20% to Rs 47.80, K S Oils gave away 15.43% to Rs 68.50, Television Eighteen shed 14.67% toRs 345, Torrent Power slipped 13.67% to Rs 144.30 and Bilcare fell 12.9% to Rs 780.10.



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11:31 AM  

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