The Hindu Business Line : Reliance Power dips further

Mumbai, Feb. 12 The newly listed Reliance Power declined 4.82 per cent on Tuesday to close at Rs 354.55 . The Anil Dhirubhai Ambani Group company had a disappointing debut on the bourses on Monday when it had closed 17 per cent below the issue price after opening at Rs 547 on the BSE.

Another debutant J Kumar Infraprojects’ listing on the stock market didn’t prove as bad as Reliance Power, though the infrastructure company closed 6 per cent below the issue price.

volume charts

Reliance Power closed at Rs 354.55 on the BSE, the scrip has lost 21 per cent ( Rs 94.45) so far over the issue price of Rs 450. The stock remained volatile during the day. After opening at Rs 379, it touched a high of Rs 396.40 and a low of Rs 339.10.

On the NSE, it touched a high of Rs 395 and a low of Rs 338 before closing at Rs 355.20. Reliance Power topped the volume charts both on the NSE and BSE with combined turnover of more than Rs 2,300 crore. The other power sector stocks also did not fare well either; Reliance Energy, the parent company of Reliance Power, lost 2.94 per cent; NTPC (2.15 per cent), GMR Infrastructure (5.91 per cent), CESC (3.72 per cent) and Torrent Power (4.80 per cent).

Tata Power closed flat up by 0.68 per cent and GVK Power went up by 0.92 per cent. J Kumar Infraprojects was listed at Rs 109 on the NSE as against the issue price of Rs 110 but slipped to a low of Rs 84. It finally closed with a loss of 6 per cent at Rs 103.35.

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