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Mumbai, Feb. 24 RPOWER has written to SEBI seeking an enquiry into the “price hammering” of its stock on the first day of listing. “Within the first four minutes of trading the price went from Rs 540 to Rs 380. Several Mauritius-based investors went on selling even when the market was falling. I can understand people selling when the price is going up, but selling when the price goes down? There’s more to that than meets the eye,” Mr Anil Ambani said.

The ADA group has also filed with SEBI for IPO for Reliance Infratel, the transmission tower business of Reliance Communications.

This plan remains unchanged and the company is awaiting the regulator’s approval and would move on it, depending on market conditions, said Mr Ambani.

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3:5 bonus from Reliance Power; effective price will be Rs 269

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