Monday, February 11, 2008
at
5:10 AM
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Reliance Power Ltd., the company that raised $3 billion in India's biggest initial public offering, fell as much as 21 percent on debut. Millions investing in the stock have had their hopes and dreams shattered. It was listed at Rs 430 versus the issue price of Rs 450.The unit of Reliance Energy Ltd., controlled by billionaire Anil Ambani, fell to 355.05 rupees on the Bombay Stock Exchange, from the 450 rupees at which the stock was sold in the IPO last month.The country's biggest IPO closed below the issue price of Rs 450. The stock closed 17 percent lower at 372.5 rupees. I hope it recovers in future.
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