MUMBAI: Reliance Power expressed disap-pointment at the listing of its stock on Monday and blamed it on the global capital market meltdown of the past three weeks. “From the time of the IPO, the Sensex is down 17%, while the Reliance Power stock is down 17% from the IPO price.
A very large number of pivotals, including RIL, ONGC, NTPC, DLF, ICICI Bank, Bhel and L&T have actually all declined in a much larger range of 20-40%,” a R-Power spokesperson said. R- Power, which had raised $2.9 billion, had a poor stock market debut. It listed at a discount to the IPO price and suffered a 17% fall to end at Rs 372.50. The performance comes in the backdrop of a huge meltdown in stock markets globally.
The spokesperson said R-Power suffered a much smaller erosion in value of about Rs 1,700 crore compared with others . “The stock has simply been marked-to-market for the decline on the single day of listing,” the spokesperson said. “We remain confident of delivering superior long term returns to our over four million shareholders on their in-vestments in the R-
Power IPO,” the spokesperson added.
A very large number of pivotals, including RIL, ONGC, NTPC, DLF, ICICI Bank, Bhel and L&T have actually all declined in a much larger range of 20-40%,” a R-Power spokesperson said. R- Power, which had raised $2.9 billion, had a poor stock market debut. It listed at a discount to the IPO price and suffered a 17% fall to end at Rs 372.50. The performance comes in the backdrop of a huge meltdown in stock markets globally.
The spokesperson said R-Power suffered a much smaller erosion in value of about Rs 1,700 crore compared with others . “The stock has simply been marked-to-market for the decline on the single day of listing,” the spokesperson said. “We remain confident of delivering superior long term returns to our over four million shareholders on their in-vestments in the R-
Power IPO,” the spokesperson added.
