The Hindu Business Line : Even as Sensex sizzles <br> New scrips lose fizz

INVESTORS who were lured by the booming Sensex and the sizzling opening quotes for some of the scrips of companies listed recently could well have ended up sitting on losses.

A quick glance at the current prices of some of the scrips listed in the last four months reveals that the share prices are much below the listing quotes even as the Sensex has been breaching new highs.

Among the biggest losers is TV Today, which has fallen by 18.76 per cent, down from Rs 210 to Rs 170.60 post listing, while the Anuradha Prasad-promoted BAG Films went down by 40.25 per cent. The company , which opened on the BSE at Rs 16, is trading at a discount at Rs 9.56.

Siel Sugar Ltd, which got listed when the parent company hived off the sugar business to a separate company, dropped by 80.61 per cent, plummeting from its listing price of Rs 90 to Rs 17.45 when markets closed on Friday. Indraprastha Gas also fell by 11.58 per cent to touch Rs 106.10, down from the listing price of Rs 120.

Surya Pharmaceuticals too, met with a similar fate. Also, some of these counters have been witnessing good volumes. About 4.69 lakh shares of TV Today were traded on Friday, while 11.56 lakh shares of IGL changed hands. The volumes for BAG Films stood at 44,395 shares.

According to senior market analysts, while a discounted price immediately after listing is not uncommon as consolidation takes place over the next six months to one year, it is certainly a little unusual now when the market is hyperactive.

Another analyst said that the high listing price is also an outcome of the several times over-subscription of these issues and those who did not get allotment built up positions in the secondary market lured by the high listing price and general uptrend in the market.

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